Jobless claims drop to post-pandemic low of 376,000

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The numbers: Initial jobless claims fell 9,000 to 376,000 in the week ended June 5, the Labor Department said Thursday. That’s the lowest level of claims since March 2020.

Economists surveyed by The Wall Street Journal had forecast new claims to fall to a seasonally adjusted 370,000.

The number of people already collecting state jobless benefits, meanwhile, fell by 258,000 to a seasonally adjusted 3.50 million in the week ended May 29. These are known as continuing claims. This is also a post-pandemic low.

Big picture: Jobless claims have been on a clear downtrend as the economy recovers. Claims are starting to be “within sight” of more normal levels, said Douglas Porter, chief economist at BMO Capital Markets. Claims were in the low 200,000 levels just before the pandemic.

Market reaction: Stocks
DJIA,
-0.44%

SPX,
-0.18%
were set for a mixed opening Thursday. There was not much initial reaction to the May consumer price inflation data, which showed year-over-year headline inflation rose to 5%, a thirteen-year high.



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Written by bourbiza

Bourbiza Mohamed. Writer and Political Discourse Analysis.

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