Jobless Claims Fall Below 400,000 for First Time Since Beginning of Pandemic

Jobless Claims Fall Below 400,000 for First Time Since Beginning of Pandemic

Jobless Claims Fall Below 400,000 , for First Time Since Beginning of Pandemic.

The Labor Department released the new numbers on June 3.

For the week ending May 29, first-time jobless claims amounted to 385,000, down from the previous week's 405,000 claims. The last time claims were lower (256,000) was at the beginning of the pandemic, the week of March 14, 2020.

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Continuing claims rose by 169,000 to 3.77 million.

Over 15.4 million Americans are still receiving jobless benefits.

A survey released by the Federal Reserve on June 2 found that employers are still having a hard time finding workers.

The lack of job candidates prevented some firms from increasing output and, less commonly, led some businesses to reduce their hours of operation, Via Beige Book report.

Many businesses continue to offer incentives to attract workers.

The U.S. government's extended jobless program is set to expire in September, and several states are beginning to cut back on their benefits programs as well