US initial jobless claims dropped -92k to 498k in the week ending May 1, below expectation of 540k. That’s also the lowest level since March 14, 2020. Four-week moving average of initial claims dropped -61k to 560k, lowest since March 13, 2020 too.
Continuing claims rose 37k to 3690k in the week end April 24. Four-week moving average of continuing claims dropped -6.8k to 3676k, lowest since March 28, 2020.