ICYMI: President Biden's Economic Plan is Working as Jobless Claims Hit Another Pandemic Low

President Biden's economic plan is working. Once again, unemployment insurance claims hit their lowest level since March 2020. We'll continue to note that these weekly numbers can be volatile, but we are encouraged by the fact that the 4-week average continues to trend down. This economic recovery is the result of a robust vaccination program that has helped us get the pandemic under control, and an economic strategy that puts America's hardworking families first, and builds from the bottom up.

CNBC: Jobs picture continues improvement as unemployment claims slide
The U.S. jobs market edged closer to its pre-pandemic self last week as initial jobless claims totaled just 406,000 for the week ended May 22, the Labor Department reported Thursday. While that level is still well above the norm before Covid-19 struck in March 2020, it is the closest to the previous trend since the crisis began and a decline from the previous week's 444,000.

Forbes: Jobless Claims Hit New Pandemic Low As More Americans Stop Receiving Unemployment Benefits
Last week's new unemployment claims were lower than the previous week's unrevised claims of 444,000 and also better than the 425,000 claims economists were expecting, according to the weekly data released Thursday…According to the Labor Department, roughly 15.8 million Americans were still receiving some form of government unemployment benefit during the week ending May 8—a solid decrease of more than 1 million from the end of April and much lower than the 31.6 million in the comparable week last year.

AP: US jobless claims fall to 406,000, a new pandemic low
The number of Americans seeking unemployment benefits dropped last week to 406,000, a new pandemic low and more evidence that the job market is strengthening as the virus wanes and economy further reopens. Thursday's report from the Labor Department showed that applications declined 38,000 from 444,000 a week earlier. The number of weekly applications for jobless aid — a rough measure of the pace of layoffs — has fallen by more than half since January.