Jobless Claims Drop to Pandemic-Era Low of 498,000

Weekly unemployment claims fell to 498,000 last week—a new low since the Covid-19 pandemic began more than a year ago—in a fresh sign that the labor-market rebound is gathering force.

Worker filings for jobless claims, a proxy for layoffs, fell 92,000 last week from 590,000 the prior week. That brings the four-week average of initial claims, which smooths out volatility in weekly data, to the lowest point since the pandemic took hold, though still well above pre-pandemic levels.

“Overall it looks like we’re seeing healing in the jobs market,” said...

Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as labor market conditions continued to improve and the economy reopened more broadly.

Initial claims in regular state programs fell by 92,000 to 498,000 in the week ended May 1, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 538,000 claims. The prior week’s figure was revised up to 590,000.

Initial unemployment claims fell to a fresh pandemic low last week
The job market is strengthening as employers look...