U.S. Jobless Claims Hits Lowest Level since Pandemic

Initial jobless claims declined last week to reach a seasonally adjusted 498,000 for, data by the U.S. Department of Labor showed on Thursday.

The decline in the claims for state unemployment benefits during the week ended May 1 decreased compared to its level at 590,000 in the previous week, reaching its lowest level since March 2020.

This comes as more people are returning to work with the economy recovering from the negative effects of the coronavirus pandemic.

In April 2020, jobless claims surged to their highest level on record at 6.149 million.