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Department of Labor: Jobless claims drop to 406,000

Results better than economists had forecast.

The number of Americans filing new unemployment claims dropped to 406,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending May 15, when 444,000 new jobless claims were reported. Economists expected Thursday’s jobless claims number to come in at 425,000, The Wall Street Journal reported.

“I think there’s still a lot of pain out there, but the good news is that it really looks like the economy is kicking into overdrive, and I do see positive signs for the job market,” Beth Ann Bovino, S&P Global Ratings chief U.S. economist, told the WSJ.

Thursday’s figure represented the lowest level for initial jobless claims since March 14, 2020, when the Labor Department reported 256,000 new claims, according to the report.

Roughly 15.8 million Americans continue to collect unemployment benefits, according to the report.