US jobless claims falls below 400K, first since March 2020

ANKARA

The number of Americans filing first-time unemployment claims fell to its lowest level since the start of the coronavirus pandemic, according to the Labor Department on Thursday.

Claims fell 20,000 to 385,000 last week, marking the first time it is below 400,000 since March 2020.

Analysts expected 390,000 for the week ending May 29. The previous week was revised down by 1,000 from 406,000 to 405,000.

It also marked the ninth time during the pandemic that initial jobless claims is below 700,000.

The unemployment rate ticked up 6.1% in April, from 6% the previous month, according to the agency.

The world's largest economy, however, still has 9.8 million unemployed individuals after adding just 266,000 jobs last month.