The weekly rise in unemployment in the US fell below 2 million

The number of Americans applying for unemployment benefits fell below 2 million for the first time since mid-March last week, but remains astonishingly high as companies adapt to prevailing conditions that have been significantly changed by the COVID-19 pandemic.

New applications for state unemployment benefits stood at 1.877 million for the week ended May 30, down from 2.126 million in the previous week, the Labor Department said on Thursday.

The number of new jobless claims has dropped significantly since it reached a record high of 6.867 million in late March. Despite the still high level of readings, the latest data suggest that the worst moment for the labor market is behind us.

Polls also showed that consumer confidence, manufacturing and service industries have started to stabilize.