Jobless claims fall to more normal weekly levels as layoffs ease

The number of Americans applying for unemployment benefits fell to its lowest level since the coronavirus pandemic slammed the economy in March of 2020. 

The U.S. Department of Labor said Thursday that 376,000 people applied for jobless claims for the first time last week, the sixth straight weekly decline.  Nearly 3.5 million were receiving traditional state unemployment benefits the week of May 29, down by 258,000 from 3.8 million the week before. Before the pandemic brought economic activity to a near-standstill in March 2020, weekly applications were regularly coming in below 220,000.