U.S. weekly jobless claims drop sharply; second-quarter GDP growth unrevised at 6.4 pct

Published by
Reuters

WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy. Initial claims for state unemployment benefits totaled a seasonally adjusted 406,000 for the week ended May 22, compared to 478,000 in the prior week, the Labor Department said on Thursday. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks. Economists polled by Reuters had forecast 425,000 applications…

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