Jobless claims, or applications for unemployment benefits, are starting to be “within sight” of more normal levels, one economist said. Initial weekly jobless claims fell by 9,000 to 376,000 last week, the lowest level of claims since March 2020.
The numbers: Initial weekly jobless claims fell by 9,000 to 376,000 in the week ended June 5, the U.S. Labor Department said Thursday. That’s the lowest level of claims since March 2020.
The number of people already collecting state jobless benefits, meanwhile, fell by 258,000 to a seasonally adjusted 3.5 million in the week ended May 29. These are known as continuing claims. This is also the lowest level since the onset of the pandemic early last year. What happened: The downward trend in claims is not showing up yet in the emergency programs set up during the pandemic.
Some 5.2 million people who have exhausted state compensation were also getting extra $300 a week in federal benefits as of May 22. The federal program ends in September and more than two dozen states are going to end the program early starting in the middle of this month.
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