US Initial Jobless Claims Reach Highest in Two Months, Exceeding Expectations

Last week 224,000 claims filed... 9,000 increase
Continued unemployment benefit claims also rise by 70,000

The number of new unemployment benefit claims in the United States reached its highest level in two months.

According to the U.S. Department of Labor on the 1st (local time), the number of new unemployment benefit claims for the week of January 21-27 increased by 9,000 from the previous week to 224,000.

This is the highest level in over two months since the week of November 5-11 last year (233,000 claims). It was also 11,000 claims higher than experts' expectations (213,000 claims).

The previous week's new unemployment benefit claims were revised from 215,000 to 214,000.

The number of new unemployment benefit claims, which reflects corporate layoffs trends, has been fluctuating in the low 200,000s since mid-September last year. Compared to the period before the COVID-19 pandemic, it remains at a record low level.

The number of continuing unemployment benefit claims, which are filed by those applying for benefits for at least two weeks, was 1,898,000 for the week of January 14-20, an increase of 70,000 from the previous week. This also exceeded the market forecast of 1,840,000. This indicates that fewer existing unemployed individuals have found new jobs.

The 4-week moving average of unemployment benefit claims, which clearly shows the trend of claims, rose by 5,250 from the previous week to 207,750. The increase was 250 the week before, so the rate of increase has expanded.

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