Minneapolis CNN —The number of first-time claims for weekly jobless benefits fell last week to 242,000, down 22,000 from 264,000 the week before, according to data published Thursday by the Department of Labor.
Continuing claims, which are filed by people who have received jobless benefits for more than one week, dipped to 1.799 million for the week ended May 6 from a revised 1.807 million the week prior.
The outsized influence of Massachusetts’ claims was an anomaly, BofA economists wrote, noting that the state’s total employment accounts for under 3% of overall US employment, and its initial jobless claims are typically under 3% of all weekly US claims.
When excluding and recalculating filings in Massachusetts, initial claims have instead moved “sideways,” pointing to limited layoffs, economists Stephen Juneau and Michael Gapen wrote.
Weekly jobless claims remain below historical averages: In the decade before the pandemic, weekly claims averaged 311,000.