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As on May 28, 2020 12:00 AM Your results on : Currency News    
Economic Buzz: US Initial Jobless Claims Pull Back Off Record High
28-May-2020 (08:59)

US initial jobless claims dropped to 2.438 million, a decrease of 249,000 from the previous week's revised level of 2.687 million, according to a report released by the Labor Department on Thursday. Jobless claims fell for the seventh straight week after reaching a record high of 6.867 million in the week ended March 28th. The total number of new claims since the coronavirus-induced lockdowns began in mid-March still reached 38.6 million. The less volatile four-week moving average also slumped to 3.042 million, a decrease of 501,000 from the previous week's revised average of 3.543 million. On the other hand, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, spiked by 2.525 million to 25.073 million in the week ended May 9th

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