For the week that ended on May 22, 406,000 people filed for unemployment benefits for the first time. The figures came in ahead of the 427,000 expected, marking the closest level to the previous trend since the pandemic began, and a downtrend from last week’s 444,000.
Claims remained elevated through the pandemic, recently shifting lower amid the economic reopening set in motion by accelerated vaccine rollouts and the sharp decline in COVID-19 cases. According to the Centres for Disease Control and Prevention data, half Americans have received at least one vaccine dose, while states have been shutting down benefits programs as businesses reopened.
Sources: cnbc.com, forexfactory.com