[Asia Economy Reporter Onyu Lim] Due to the COVID-19 pandemic, the number of new unemployment claims in the United States for the fourth week of June has exceeded 1.42 million. The decline has stalled amid growing concerns over a resurgence of COVID-19.
On the 2nd (local time), the U.S. Department of Labor announced that the number of new unemployment claims filed between May 21 and 27 reached 1,427,000. This figure is over 70,000 higher than the expert forecast of 1.35 million compiled by Dow Jones. It is similar to the previous week's figure of 1.48 million.
The number of new unemployment claims has been decreasing for 12 consecutive weeks since the last week of March, when the first pandemic peak hit the U.S. and states imposed lockdown measures, recording 6.87 million claims. However, the rate of decline has been slowing. Considering that the number of new unemployment claims before COVID-19 was around 200,000, the current level remains very high.
Moreover, as economic activities have resumed recently, COVID-19 is spreading rapidly again. Some states are tightening lockdown measures by requiring a 14-day mandatory quarantine for those moving from other states, so the possibility of unemployment claims rising again cannot be ruled out.
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