US Initial Jobless Claims at 269,000... Lowest Since COVID-19 Outbreak (Update)

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The U.S. Department of Labor reported that new unemployment claims last week (October 24?30) totaled 269,000, marking the lowest level since the COVID-19 pandemic began.

According to foreign media such as CNBC on the 4th (local time), the Department of Labor announced that new unemployment claims decreased by 14,000 from the previous week to 269,000, setting a new record low since the COVID-19 crisis. This figure was below the expert forecast of 275,000 compiled by The Wall Street Journal (WSJ).

The number of continuing unemployment claims, which are claims filed for at least two weeks, also dropped by 134,000 to 2.1 million. MarketWatch analyzed that the clear decline in unemployment claims is due to companies struggling with labor shortages trying hard to retain their employees.

Additionally, CNBC reported that as the spread of the Delta variant enters a stabilization phase, the recovery speed of the U.S. employment market, which had been slowing, is accelerating again. WSJ conveyed that economic experts expect the Department of Labor’s upcoming report on October nonfarm payrolls, scheduled for release on the 5th, to show an increase of 450,000 jobs?more than double the previous month’s figure.

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