US Weekly Unemployment Claims Turn Down to 1.186 Million (Update)

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Eunbyeol] As the novel coronavirus infection (COVID-19) resurges, the number of unemployment benefit claims in the United States, which had increased for two consecutive weeks, has turned downward again.

The U.S. Department of Labor announced on the 6th (local time) that the number of new unemployment benefit claims for the week of July 26 to August 1 was 1,186,000. This is a decrease of 249,000 from the previous week (1,435,000).

Last week's new unemployment benefit claims also fell short of Bloomberg's forecast of 1,400,000. After peaking in the fourth week of March (March 22?28), the number had decreased for 15 consecutive weeks. Although economic activities were halted again in many regions recently, causing an increase since mid-July, the number turned downward last week.

The number of continuing unemployment benefit claims, which shows the status of those who have applied for benefits for two or more consecutive weeks, was 16,107,000 for the week ending July 25. This also decreased by 844,000 from the previous figure (17,018,000) and fell short of the forecast (16,900,000).

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