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Jobless claims
Jobless claims dropped by 71,000 to 199,000, the lowest since mid-November 1969. The drop was much bigger than economists expected.
It's further evidence that the job market and the broader economy are rebounding rapidly from the coronavirus recession.
As the coronavirus pandemic fades, states and cities are lifting more business restrictions and the economy is picking up.
The recovery from the coronavirus pandemic continues.
WHAT'S HAPPENING
The decline in applications reflects a swift rebound in economic growth and the job markets steady recovery from the coronavirus recession.
The number offers more evidence that the job market is strengthening as the virus wanes and economy further reopens.
The number of weekly jobless claims a rough measure of the pace of layoffs has declined steadily since the year began.
Economists expect growth to accelerate in the second half of the year once COVID-19 vaccines become more widely distributed.
The still-elevated number of jobless claims underscores that a full recovery from the pandemic recession remains far off.
The number of Americans seeking unemployment benefits declined last week to a still-high 837,000.
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