A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended May 29th.
The report said initial jobless claims dipped to 385,000, a decrease of 20,000 from the previous week’s revised level of 405,000.
Economists had expected jobless claims to edge down to 395,000 from the 406,000 originally reported for the previous week.
With the slightly bigger than expected decrease, jobless claims once again fell to their lowest level since hitting 256,000 in the week ended March 14, 2020.
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