Another 406,000 Workers Filed For Unemployment Last Week

 

The Labor Department released its weekly unemployment statistics on Thursday. It showed that another 406,000 workers filed to receive unemployment benefits in the week ending on May 22nd. While that's the lowest number filing since March of 2021, it's still well above the normal level (which would be 100k to 150k less). 

Here is the official Labor Department statement:

In the week ending May 22, the advance figure for seasonally adjusted initial claims was 406,000, a decrease of 38,000 from the previous week's unrevised level of 444,000. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The 4-week moving average was 458,750, a decrease of 46,000 from the previous week's unrevised average of 504,750. This is the lowest level for this average since March 14, 2020 when it was 225,500.