Initial jobless claims fell below 400,000 for the first time since the early days of the Covid-19 pandemic, the Labor Department reported Thursday.
First-time filings for unemployment benefits totaled 385,000 for the week ended May 29, a decline from the previous week’s 405,000 and below the Dow Jones estimate of 393,000.
The last time claims were lower was the week of March 14, 2020, with 256,000. The number spiked to nearly 3 million the following week and peaked at more than 6.1 million in early April as governments across the U.S. shut down businesses in an effort to slow the coronavirus spread.
As vaccinations have spread and businesses have been allowed to reopen, the labor market…