Labor Dept: New Jobless Claims Hit Pandemic-Era Low

Bloomberg News reports:

Applications for U.S. state unemployment insurance fell to a fresh pandemic low last week as business confidence strengthens and employers seek to fill more positions left open by restrictions.

Initial claims in regular state programs declined by 34,000 to 473,000 in the week ended May 8, Labor Department data showed Thursday.

The labor market continues to improve as more Americans get vaccinated and consumer demand picks up, helping spur economic activity. As more businesses and states lift remaining pandemic restrictions, hiring is expected to continue to accelerate.

Read the full article.