U.S jobless claims plunged by 38,000 for the week that ended May 22 to 406,000, according to the Department of Labor press release. The claims were below the expected 425,000 and are the lowest since March 14, 2020.
Jobless claims as a 4-week moving average plunged by 46,000 to 458,750
Continuing claims were 3.642 million, a decline of 96,000 from the previous week.
Previous week’s continuous claims were revised down from 3.751 million to 3.738 million.
Unadjusted advance initial claims under state programs were 420,472, down 7.5% from the previous week.
U.S stocks are currently mixed as the dollar gains. SPY is up 0.26%, QQQ is down 0.37%, EURUSD is down 0.04%
