Initial jobless claims for the week ended June 26 fell by 51,000 to a total of 364,000, according to seasonally adjusted data released today by the US Department of Labor. This is the lowest level for initial claims since March 14, 2020, when it was 256,000.

Meanwhile, the four-week moving average of claims also fell by 6,000 in the week ended June 26 to 392,750, also the lowest level for this average since March 14, 2020, when it was 225,500.

The previous week's level for initial claims was revised upward by 4,000 to 415,000; the previous week’s four-week moving average was revised upward by 1,000 to 398,750.

Pandemic Unemployment Assistance claims, which are not seasonally adjusted, rose by 3,489 to a total of 115,267. The PUA program includes self-employed workers.

Reuters reported that economists had forecast 390,000 initial claims in the week ending June 26. Though claims remain above the 200,000 to 250,000 range that is viewed as consistent with a healthy labor market, a shortage of willing workers is hampering hiring.