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Initial Unemployment Claims Fall Below 1M

According to data from the U.S. Department of Labor, weekly initial jobless claims have fallen below 1 million for the first time in almost five months.

Around 963,000 people filed for first-time unemployment benefits last week. In late March, initial weekly unemployment claims hit 3.3 million, followed by 6.6 million in early April.

While the current figure is down from the previous weekly total of 1.2 million claims, unemployment claim levels remain historically high, according to CNBC.

The Bureau of Labor Statistics released the monthly government employment snapshot last week. It showed total unemployment is currently at 16.3 million, a rate of 10.2 percent. In February, it was 3.5 percent.

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