US New Unemployment Claims Decrease After 3 Weeks... Dow Jones Index Surpasses 30,000 Intraday

Evaluation of Employment Expansion Amid COVID-19 Spread

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The number of new unemployment benefit claims in the United States declined for the first time in three weeks. Unemployment decreased despite the worsening situation of the novel coronavirus infection (COVID-19).

With growing expectations for employment, the Dow Jones Industrial Average showed strength on the New York Stock Exchange, surpassing the 30,000 mark again.

The U.S. Department of Labor announced on the 3rd (local time) that the number of new unemployment benefit claims for the previous week (November 22?28) was recorded at 712,000.

New unemployment claims last week decreased by about 75,000 compared to the previous week. Bloomberg News reported that this was the largest decline in the past two months.

The number of claims last week was also 68,000 lower than the expert forecast of 780,000 compiled by Dow Jones.

The number of continuing unemployment benefit claims, which are claims filed for at least two weeks, was 5.52 million, down 569,000 from the previous week, continuing the downward trend.

The number of applicants for the federally provided additional "Pandemic Emergency Unemployment Compensation" (PEUC) was slightly increased to 4.57 million.

Regarding this announcement, The Wall Street Journal reported that despite restrictions implemented in some states due to the spread of COVID-19, the labor market showed signs of recovery.

Supported by favorable employment indicators, major indices on the New York Stock Exchange all started the day strong. The Dow Jones Industrial Average recovered above the 30,000 mark again after 10 a.m.