The Labor Department reported that 385,000 Americans filed new claims for state unemployment benefits. Economists surveyed by Dow Jones expected 387,000 new jobless claims. This is the lowest level for initial claims since March 14, 2020, when it was 256,000.
The four-week moving average was 428,000, a decrease of 30,500. This is the lowest level for this average since March 14, 2020, when it was 225,500. Despite falling new jobless claims, almost 16 million Americans were still on some form of government assistance through all unemployment programs as of early May.
“While initial jobless claims come well after the survey