US initial jobless claims dropped -38k to 406k in the week ending May 22, better than expectation of 430k. That’s also the lowest level since March 14, 2020 (at 256k). Four-week moving average of initial claims dropped -46k to 459k, lowest since March 14, 2020 too.
Continuing claims dropped -96k to 3642k in the week ending May 15. Four-week moving average of continuing claims dropped -2.75k to 3675k.
