The Labor Department reported that 419,000 Americans filed new claims for state unemployment benefits. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. This was well above the 350,000 Dow Jones estimate and more than the upwardly revised 368,000 from the previous period. The previous week’s level was revised up by 8,000 from 360,000 to 368,000. The four-week moving average was 385,250, an increase of 750 from the previous week’s revised average. The previous week’s average was revised up by 2,000 from 382,500 to 384,500.
This news comes a week after the Fed’s