With the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits fell by much more than expected in the week ended May 1st.
The report said initial jobless claims slid to 498,000, a decrease of 92,000 from the previous week’s revised level of 590,000.
Economists had expected initial jobless claims to edge down to 540,000 from the 553,000 originally reported for the previous week.
With the much bigger than expected decrease, jobless claims once again fell to their lowest level since hitting 256,000 in the week ended March 14, 2020.
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