NEW: 1,800,000 Americans filed for first-time jobless benefits last week; 42,000,000 have sought unemployment assistance since mid-March. - (tweet reissued to correct link)
Around 1.8 million Americans filed for first-time jobless benefits last week, hinting that the worst could be over for the labor market.
While still a staggering figure, it continues a downward trend for the unemployment claims that have illustrated week by week the devastating impact of the coronavirus pandemic. The jobless claims data, released Thursday by the Department of Labor, was in line with economists' expectations of 1.8 million for the week ended May 30.
The stock market traded lower in premarket activity Thursday morning after the figures were released. All three major averages as confidence mounts that the gradual reopening of the economy will spur consumer spending and get the country back on track.Sign Up
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