New claims for unemployment benefits fell sharply last week, the Department of Labor said Thursday. Initial jobless claims declined to 364,000 for the week ended June 26, a decline of 51,000 from the previous week. Economists polled by Econoday had estimated 395,000 new claims. This is the lowest level of claims since March 14, 2020, just before pandemic lockdowns forced millions of Americans out of work. The 4-week moving average of claims, which smoothes out week-to-week volatility, was 392,750, a decrease of 6,000 from the previous week’s revised average. This is the lowest level for this average since March 14,…
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