Jobless claims in the United States hit a pandemic-low for the seventh straight week, according to data released by the Labor Department.
- Seasonally adjusted initial claims dropped 38,000 to 406,000 in the week ending May 22. This is the lowest since March 14, 2020’s 256,000.
- The previous week’s jobless claims figure was retained at 444,000.
- The four-week moving average fell 46,000 to 458,750 to mark the lowest since March 14, 2020’s 225,500.
- The insured unemployment rate for the week ending May 15 stood at 2.6%, equivalent to 3.642 million unemployed individuals.
- The biggest jumps for the week were recorded in New Jersey, Washington, Minnesota, West Virginia, and Rhode Island.
- The largest decreases were in Georgia, Kentucky, Texas, Michigan, and Florida.