U.S. weekly jobless claims drop below 400,000

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Reuters

WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits dropped below 400,000 last week for the first time since the COVID-19 pandemic started more than a year ago, pointing to a strengthening labor market despite a worker shortage that is limiting hiring. Initial claims for state unemployment benefits totaled a seasonally adjusted 385,000 for the week ended May 29, compared to 405,000 in the prior week, the Labor Department said on Thursday. That was the lowest since mid-March 2020, when mandatory closures of nonessential businesses were enforced to slow the…

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