Roy Gilbert

US weekly jobless claims tumble to new pandemic-era low of 385,000

Matias J. Ocner/Miami Herald/Tribune News Service via Getty Images US jobless claims dropped to 385,000 last week, setting a pandemic-era low.

The reading was just under the median estimate. The prior week’s figure was revised down to 405,000.

Continuing claims rose to 3.77 million for the week that ended May 22, coming in above forecasts.

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The number of Americans filing for unemployment insurance sank to another pandemic-era low last week as the labor market’s recovery charged forward.

Jobless claims totaled an unadjusted 385,000 last week, the Labor Department said Thursday. The median estimate from economists surveyed by Bloomberg was for 387,000 initial claims.

The count marks a fifth straight decline for weekly filings and again places weekly claims at their lowest point of the pandemic. It’s also the first time weekly claims have fallen below 400,000 since COVID-19 ensnared the US economy. The prior week’s count was revised to 405,000 from 406,000.Continuing claims, which count Americans receiving unemployment benefits, gained to 3.77 million for the week that ended May 22. That was above the median estimate of 3.62 million claims. Initial unemployment claims Jan2020AprJulOctJan2021Apr01M2M3M4M5M6MClaimsNote: Chart shows non-seasonally-adjusted claims for the week ending on each date. Chart: Andy Kiersz/Madison Hoff/Insider Source: US Employment and Training Administration Claims have now landed below 500,000 for the fourth week straight, signaling a steady decline in layoffs as businesses reopen and economic activity rebounds. While individual weekly readings can be somewhat volatile, the downward trend is encouraging […]

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