The Labor Department reported that 406,000 Americans filed new claims for state unemployment benefits. Economists surveyed by Dow Jones expected 425,000 new jobless claims. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The 4-week moving average was 458,750, a decrease of 46,000 from the previous week’s unrevised average of 504,750. 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.