U.S. jobless claims fell below 400,000 for the first week since the pandemic started.
Weekly jobless claims came in slightly better than expected with 385,000 Americans applying for unemployment benefits versus the 387,000 expected. This is an improvement over the previous week’s 405,000 unemployment claims.
Continuing claims rose to 3.77 million for the week ending May 22, coming in above forecasts.
Unemployment claims have stayed below 500,000 for the fourth straight week, signaling that employers have stopped laying off and the economy is recovering.