Initial jobless claims fall to fresh pandemic-era low of 406,000

Initial jobless claims came in at 406,000 in the week ended 15 May, according to the Department of Labor.

While still well and truly above numbers seen prior to the Covid-19 outbreak, it was also below analyst estimates for a reading of 444,000 and a fresh pandemic-era low.

Continuing claims also fell sharply, dropping by 96,000 to 3.64m, bringing the four-week moving average down to 3.68m as multiple US states made moves to shut down their extended benefits programmes amid a reopening economy and declining unemployment levels.

The number of Americans receiving benefits under all programmes also fell back, edging down to 15.8m.