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US jobless claims dropped to 385,000 last week, setting a new pandemic-era low.
The count marks a fifth straight decline for weekly filings and again places weekly claims at their lowest point of the pandemic. It's also the first time weekly claims have fallen below 400,000 since COVID-19 ensnared the US economy. The prior week's count was revised to 405,000 from 406,000. Still, claims counts are roughly double the pre-pandemic norm. Continuing claims are also twice their 2019 average, underscoring the progress still to be made in healing the labor market.adding 978,000 jobs through May
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