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Jobless Claims Slow but Millions Still Seeking Unemployment

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They keep getting better, even though they're still unequivocally awful.

The Labor Department reported on Thursday that 1.877 million more Americans filed first-time jobless claims for the week ended May 30, down from the 2.126 million claims for the week earlier.

Economists polled by FactSet had been expecting 1.8 million claims up to last Saturday. 

Continuing claims, which is the number of people not just filing but staying on unemployment benefits, came in at 21.487 million for the week ended May 16. The continuing claims numbers are reported with a one-week lag, but are considered a better gauge of the labor market.

Weekly claims have been gradually declining since hitting a record 6.867 million in the week ended March 28, though they still remain in the millions - even as states continue to lift restrictions on businesses and consumers, and as more people get back to work.

The famed Bellagio fountain, the canals of the Venetian and the lights of New York-New York will all come to life again come midnight tonight, nearly three months after one of the most invasive and deadliest viruses to hit the globe stopped the dice from rolling and the cards from being dealt.

Nevada's unemployment rate reached 28.2% in April, the highest across the country. 

Many economists see the pace of layoffs slowing, with all states taking steps to let businesses reopen and citizens to move more freely. But they also expect a labor-market recovery to take many months, if not years, to replace the tens of millions of jobs lost since February.

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