First-time claims for U.S. unemployment benefits showed a modest decrease in the week ended June 5th, according to a report released by the Labor Department on Thursday.
The report showed initial jobless claims edged down to 376,000, a decrease of 9,000 from the previous week’s unrevised level of 385,000. Economists had expected jobless claims to dip to 370,000.
With the slight drop, jobless claims once again fell to their lowest level since hitting 256,000 in the week ended March 14, 2020.
The less volatile four-week moving average also dropped to its lowest level in over a year, falling by 25,500 to 402,500 from the previous week’s unrevised average of 428,000.