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Newspaper
The Gazette
Location
Medina, Ohio, United States of America
Date
May 14, 2021
Page
9
The Labor Department said initial weekly claims dropped to 473000, a pandemic low, marking the fourth decline in five weeks as the economy reopens and consumer spending rises. Ohio continued to see fewer claims while Medina County posted a 27.5 percent weekly rise.
The report shows sustained high unemployment with initial claims continuing a 60th straight week. Officials cite persistent labor market softness and slow job growth despite seasonal adjustments. Families face financial strain as regional industries struggle to rebound.
Wall Street halted a three day slide with a broad rally led by technology and financials. The S&P 500 rose 1.2 percent to 4112.50 while the Dow increased 433.79 to 34021.45 and the Nasdaq gained 93.31 to 13124.99. Investors weigh inflation risk as wholesale prices rose 0.6 percent last month and a future policy shift looms.
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