The number of Americans filing new claims for unemployment benefits dropped below 400,000 last week for the first time since the Covid-19 pandemic started more than a year ago, pointing to strengthening labour market conditions. That was underscored by other data yesterday showing private payrolls increasing by the most in 11 months in May, spurred by robust demand amid a rapidly reopening economy. The data supported expectations that job growth accelerated last month, though shortages of workers and raw materials continue to loom over the labour market recovery. “The economic reopening is continuing and should be positive for job growth,” said Rubeela Farooqi, chief US economist at High Fr
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