US New Unemployment Claims at 1.31 Million... Continuing Claims Also Declining (Summary)

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. Department of Labor announced on the 9th (local time) that the number of new unemployment claims last week (June 28?July 4) reached 1.31 million.

This is a decrease of 99,000 claims from the previous week, continuing a decline for the 14th consecutive week. The Department of Labor initially reported 1.43 million new unemployment claims for the week of June 21?27 but revised the figure to 1.41 million this time.

The number of continuing unemployment claims, which counts those claiming benefits for at least two weeks, was recorded at 18.06 million, down 700,000 from the previous week. This is the lowest level since mid-April, when the damage from the novel coronavirus disease (COVID-19) was at its peak.

Interpretations of this index vary. Bloomberg News said it eased concerns that the labor market would enter a downward trend again, and The Wall Street Journal also evaluated it as a sign that the labor market continues to heal.

On the other hand, the Associated Press stated that it showed many employers are still laying off workers as they face a resurgence of COVID-19.

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