U.S. first-time jobless claims fall below 400,000 for first time in pandemic era
The numbers: Coronavirus cases are falling fast and so are the number of people losing jobs: New applications for regular unemployment benefits fell below 400,000 in late May for the first time since the early days of the coronavirus pandemic.
Economists surveyed by Dow Jones and The Wall Street Journal had forecast new claims would slip to a seasonally adjusted 393,000. New unemployment claims are still almost twice as high as they were before the pandemic, however. New applications had been running in the low 200,000s before the viral outbreak in early 2020.
Big picture: The fading pandemic has allowed most businesses to fully reopen, giving another boost to a U.S. economic recovery that had been turbocharged by massive federal stimulus payments.
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