Jobless Claims Unexpectedly Drop to 215,000

Jobless claims declined by more than expected last week, falling to 215,000 from 223,000 in the prior week. This the second straight week of declining claims after a brief spike in the first week of May that appeared to be driven by seasonal employment changes around spring break, particularly in New York’s school system. Jobless claims are a proxy for layoffs. The low level of claims affirms that layoffs are low and demand for workers is high. The strong labor market has been supporting elevated consumer spending and economic growth....