US Initial Jobless Claims: Slowing but still astronomically high – BMO

The labor market is taking baby steps, at least there are fewer Americans applying for UI, Jennifer Lee from the Bank of Montreal reports.

Key quotes

“Unemployment insurance claims declined for the sixth week in a row. That's it for the good news.”

“The number of first-time UI claims fell 195,000 (the smallest decline over that six-week period).”

“Although the number of claims is declining, the number of Americans who stay on UI remains sky-high. Continuing claims rose for the ninth straight week, up 456,000 to 22,833,000 in the week of May 2 (they're a week behind).”