US Jobless Claims Fall More Than Forecast in Tight Labor Market

Applications for US unemployment insurance declined last week by more than forecast, underscoring a persistently tight labor market.

Initial unemployment claims decreased by 8,000 to 210,000 in the week ended May 21, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for a drop to 215,000.

Continuing claims for state benefits rose to 1.35 million in the week ended May 14.

Initial claims remain at a historically low level, pointing to a strong labor market with few dismissals. That said, the Federal Reserve has...