U.S. Jobless Claims at Lowest Level Since Pandemic Began

Applications for new claims of unemployment benefits in the United States declined below 500,000 last week, data showed on Thursday.

The initial claims for state unemployment benefits decreased by 34,000 to a seasonally adjusted 444,000 for the week ended May 15, according to the U.S. Department of Labor.

This marked the lowest level for the initial jobless claims since the beginning of the global outbreak of the coronavirus pandemic in March 2020, and the second consecutive week maintaining its level below the 500,000 mark.

Nevertheless, jobless claims remain above the 200,000-250,000 average range, which is viewed by economists as a sign of a healthy labor market.

Meanwhile, continuing jobless claims rose by 111,000 to 3.751 million during the week ended May 8.

Beneficiaries from unemployment benefits stood at a total number of about 16 million at the beginning of the month.