Labor Dept: New Jobless Claims At Pandemic-Era Low

Bloomberg News reports:

Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low, signaling steady improvement in the job market as remaining business restrictions are lifted. Initial claims in regular state programs decreased by 34,000 to 444,000 in the week ended May 15, Labor Department data showed Thursday.

The drop in jobless applications shows the labor market continues to thaw as more Americans get vaccinated and return to work. Nonetheless, the level of claims remains significantly higher than pre-pandemic levels and indicates the labor market is still far from a full recovery.

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