U.S jobless claims extended declines to reach 385,000 for the week that ended May 29, according to the Department of Labor press release. The claims were a 20,000 drop from the previous week and the lowest since March 14, 2020.
Previous week’s jobless claimed were revised down by 1,000 to 405,000.
Jobless claims on a 4-week moving average declined by 30,500 to 428,000.
Continuing claims surged higher by 169,000 to reach 3.771 million.
On an unadjusted basis, initial claims under state programs increased by 1.4% to 425,450.
U.S stocks are currently declining as the dollar gains. SPY is down 0.81%, QQQ is down 1.32%, EURUSD is down 0.55%
