Nearly 1 Million New Unemployment Claims
Worsening Employment Proves Need for Stimulus Measures
Biden to Announce Stimulus Plan Today
[Asia Economy New York=Correspondent Baek Jong-min] The number of weekly new unemployment claims in the United States has risen again to nearly 1 million. Amid evaluations that the worsening employment situation proves the need for economic stimulus measures, the US stock market is expected to start higher.
The US Department of Labor announced on the 14th (local time) that the number of new unemployment claims for the past week (January 3?9) was recorded at 965,000. This is the highest level since August last year.
This figure far exceeded the Dow Jones consensus estimate of 800,000. It surged by 181,000 compared to 784,000 in the previous month. New unemployment claims showed an increase for the first time in four weeks.
The Wall Street Journal explained that this indicates an increase in layoffs due to the novel coronavirus infection (COVID-19).
Despite the poor employment indicators, the market did not show significant turmoil. On this day, New York stock index futures are on the rise.
CNBC reported that the worsening employment situation has been reflected in the market as expectations that it will lead to additional economic stimulus measures.
In the afternoon, President-elect Joe Biden is scheduled to announce economic stimulus measures.
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