US New Unemployment Claims Drop Below 1 Million for the First Time Since COVID-19

[Image source=Yonhap News]

[Asia Economy Reporter Onyu Lim] The number of unemployed people in the United States, which had been rising again due to the resurgence of the novel coronavirus infection (COVID-19), significantly decreased last week.

The U.S. Department of Labor announced on the 13th (local time) that the number of new unemployment benefit claims for the week of August 2 to 8 was 963,000.

This is more than 230,000 fewer than the previous week's 1.19 million claims. It is also the lowest number since the COVID-19 pandemic began.

As a result, the weekly new unemployment benefit claims in the U.S. have decreased for two consecutive weeks, including last week.

The number of new unemployment benefit claims peaked in the fourth week of March (March 22?28), when the COVID-19 crisis was at its height, then decreased for 15 consecutive weeks. However, due to the suspension of economic activities in many regions such as the South and West, the claims increased for two consecutive weeks starting in mid-July.

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