[Summary] US New Unemployment Claims at 444,000... Lowest Since COVID-19 Pandemic

[Asia Economy Reporter Seulgina Jo] The United States' unemployment indicator, the 'weekly initial unemployment claims,' has recorded its lowest level since the COVID-19 pandemic. It also fell short of expert forecasts, showing a job recovery that exceeded market expectations.

The U.S. Department of Labor announced on the 20th (local time) that the number of initial unemployment claims for the week of May 9?15 was 444,000. This is a decrease from the previous week's 478,000 claims. It once again set a new low since the COVID-19 outbreak.

Following the previous week, it also fell below the expert forecast of 452,000 claims. This indicates that the employment recovery has surpassed market expectations.

The U.S. economic media outlet CNBC reported that the number of initial unemployment claims during the same period a year ago exceeded 2.3 million, and as economic activities resume nationwide, the job situation is continuously improving.

The 4-week moving average of claims, which helps confirm the trend, was also the lowest since March of last year at 504,750 claims. However, the number of continuing unemployment claims, which counts those claiming benefits for at least two weeks, slightly increased to 3.75 million compared to the previous week.

CNBC added that ongoing COVID-19 vaccinations are driving the U.S. economic rebound.

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