Slow Recovery in US Employment... Unemployed Count Remains at 11 Million (Update)

Last Week's New Unemployment Claims Reach 840,000... Exceeding Expectations
CNBC "Job Recovery Cooling Down"

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] It has been reconfirmed that the U.S. employment recovery is slowing down. More than 800,000 new unemployed individuals are still emerging weekly, and the number of people relying on unemployment benefits for more than two weeks has reached 11 million.

On the 8th (local time), the U.S. Department of Labor announced that the number of new unemployment benefit claims for the week of September 27 to October 3 was 840,000.

Although this is a decrease from the previous week's 849,000 claims and marks a decline for two consecutive weeks, it was higher than the Dow Jones experts' forecast of 825,000 claims.

The previously announced new claims for the prior week were initially 837,000 but were revised upward to 849,000.

CNBC broadcast judged this as a sign that the job recovery is cooling down.

There is also a possibility that new unemployment claims may rise again. Recently, American Airlines, United Airlines, and Walt Disney have announced large-scale layoffs.

The positive aspect is that the number of people filing for unemployment benefits for two consecutive weeks showed better-than-expected results. The number of continuing claims for unemployment benefits filed for two consecutive weeks was 10.976 million, down nearly 1 million from the previous week's 11.97 million. It was also lower than the expert forecast of 11.4 million.

This content was produced with the assistance of AI translation services.