U.S. Jobless Claims Dip Below 400,000 for First Time in Pandemic

Applications for U.S. state unemployment insurance dipped below 400,000 for the first time during the pandemic as hiring accelerates and the economy strengthens heading into the summer months.

Initial claims in regular state programs decreased by 20,000 to 385,000 in the week ended May 29, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 387,000 applications. The prior week’s reading was revised down to 405,000.

The labor market continues to gain steam as remaining pandemic restrictions are eased and more fully-vaccinated Americans look...