Unemployment claims dropped in May, signalling fewer layoffs and more jobs being added for American workers.
Initial claims for unemployment benefits declined by 8,000 to a seasonally adjusted 276,000 last week, the Wall Street Journal reports. The prior week, ending May 23, had a final number 284,000 claims filed. But, the number of people filing continuing claims for unemployment benefits fell the week ending the 23rd to under 2.2 million, the lowest level since 2000.
Jobless claims peaked in March 2009, hitting 665,000, when unemployment was at 10%.
Stay tuned for more job news on Friday as the Labor Department will report its estimate of the number of jobs added in May. Economists are expecting an additional 225,000 jobs last month, close to the 223,000 added in April.
Photo: Kathryn Decker via Flickr.