US Weekly Jobless Claims Slip to 200,000 Amid Tight Labor Market

Applications for US unemployment insurance dropped last week, holding at historically low levels amid a tight labor market.

Source: US Department of Labor

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Initial unemployment claims declined by 11,000 to 200,000 in the week ended May 28. The average estimate in a Bloomberg survey of economists projected 210,000.

The insured unemployment rate was 0.9% for the week ended May 2021, a decline of 0.1 percentage points from the prior week’s unrevised rate.

Continuing claims for state benefits dropped to 1.31 million in the week ended May 21, the lowest level since 1969.

On an unadjusted basis, initial claims also dropped last week, signaling decreases in Kentucky, Pennsylvania, Georgia and Florida.