Jobless claims drop to new pandemic low as US economic recovery gains steam

The number of Americans filing for unemployment benefits for the first time fell to a new pandemic low last week, the latest evidence that layoffs are slowing as the economic rebound strengthens.

Figures released Thursday by the Labor Department show that applications for the week ended May 1 fell to 498,000 from a revised 590,000 a week earlier.

While the number of unemployed workers applying for benefits is down sharply from the peak of almost 7 million that was reached when stay-at-home orders were first issued a year...