US New Unemployment Claims Hit Lowest in 52 Years

[Image source=EPA Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] The number of new unemployment insurance claims in the United States has reached its lowest level in 52 years.

On the 9th (local time), the U.S. Department of Labor announced that the number of new unemployment insurance claims for the previous week (November 28 to December 4) was 184,000, a decrease of 43,000 from the previous week.

This figure is significantly below the expert forecasts of 220,000 and 215,000 compiled by Bloomberg News and major foreign media, respectively, marking the lowest level since the first week of September 1969.

The number of unemployment insurance claims in the U.S. hovered around the 200,000 mark for three consecutive weeks, starting with a record low of 194,000 in the third week of last month, the lowest since November 1969.

Considering that the figure was in the low 200,000s just before the COVID-19 pandemic, it has effectively recovered to pre-pandemic levels.

The number of continuing unemployment insurance claims, which are claims filed for at least two weeks, increased by 38,000 to 1.95 million, also maintaining pre-pandemic levels.

The sharp decline in unemployment insurance claims is not unrelated to labor shortages. However, there are also criticisms that this result may not be accurate.

The Department of Labor adjusts the weekly unemployment insurance claims according to changes in seasonal employment patterns before announcing them, but it is said that seasonal adjustment is difficult during the year-end season when temporary hiring increases.

In fact, the number of new unemployment insurance claims last week, without seasonal adjustment, was counted at 280,000, an increase of 64,000 from the previous week.

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