US Weekly Initial Jobless Claims Increase for 2 Consecutive Weeks (Update)

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] It has been confirmed once again that the employment recovery in the United States is not progressing as quickly as expected.

The U.S. Department of Labor announced on the 8th (local time) that the number of new unemployment insurance claims for the previous week (March 28 to April 3) was recorded at 744,000. This marks an increase for the second consecutive week and significantly exceeds the market forecast of 694,000 compiled by Dow Jones.

The previous week's claims were also revised upward from 719,000 to 728,000.

The number of new unemployment insurance claims had fallen to 680,000 in mid-March, suggesting a full-scale employment recovery, but it has recorded over 700,000 for two consecutive weeks.

The Wall Street Journal evaluated that although the number of new unemployment insurance claims has increased, it remains the lowest level since the COVID-19 outbreak.

However, it pointed out that employment recovery is progressing gradually and that new employees are receiving lower wages than before. Despite the expansion of COVID-19 vaccinations and the resumption of economic activities, the evaluation is that quality jobs are not increasing.

Earlier, the U.S. Department of Labor announced that nonfarm payrolls increased by 916,000 in March, lowering the unemployment rate from 6.2% to 6%.