US Weekly Jobless Claims Drop Sharply; Second-Quarter GDP Growth Unrevised
WASHINGTON The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy.
Initial claims for state unemployment benefits totaled a seasonally adjusted 406,000 for the week ended May 22, compared to 478,000 in the prior week, the Labor Department said on Thursday. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks.
Economists polled by Reuters had forecast 425,000 applications for the latest week. Though claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions, they have dropped from a record 6.149 million in early April 2020.
The novel coronavirus has claimed six more lives in Sindh during the past 24 hours, bringing the death toll to 4,942 in the province.As many as 23,124 patients were said to under treatment. Of them,.