- U.S. weekly jobless claims total 385,000
Market news
U.S. weekly jobless claims total 385,000
The
data from the Labor Department revealed on Thursday the number of applications
for unemployment decreased more than anticipated last week, hitting a fresh
pandemic-era low.
According
to the report, the initial claims for unemployment benefits dropped by 20,000
to 385,000 for the week ended May 29. This was the lowest reading since March
2020, when the COVID-19 pandemic struck.
Economists
had expected 390,000 new claims last week.
Claims for the prior week
were revised downwardly to 405,000 from the initial estimate of 406,000.
Meanwhile,
the four-week moving average of jobless claims dropped to 428,000 from a downwardly
revised 458,500 in the previous week.
Continuing
claims increased to 3,771,000 from a downwardly revised 3,602,000 in the
previous week.
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