New jobless claims dropped 38,000 to 406,000 for the week ended May 22, the Department of Labor said Thursday.
Economists had expected an uptick in claims to 450,000 from last week’s lower-than-expected 444,0000.
This is the lowest level of jobless claims since March 14, 2020, when it was 256,000.
Jobless claims can be volatile week-to-week, so analysts often look to the 4-week moving average for a better view of the labor market’s health. This fell to 458,750, a decrease of 46,000 from the previous week’s unrevised average of 504,750.
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