[Asia Economy Reporter Lim Cheol-young] The number of weekly unemployment insurance claims in the United States decreased for the second consecutive week, reaching the lowest level since the COVID-19 pandemic began in March.
On the 29th (local time), the U.S. Department of Labor announced that the number of weekly unemployment insurance claims for the week ending on the 24th fell by 40,000 from the previous week to 751,000. This was lower than the Wall Street Journal's forecast of 778,000.
However, the number of claims for the week ending on the 17th was revised upward from 787,000 to 791,000.
After soaring to around 6 million following the COVID-19 pandemic in March, unemployment insurance claims dropped to the 2 million range in May and remained in the mid-1 million range after late May. In September, claims decreased to the 800,000 range, and the downward trend continued throughout October.
Meanwhile, the less volatile 4-week moving average of unemployment insurance claims, as of the 24th, was recorded at 787,750, a decrease of 24,500.
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