US New Unemployment Claims at 400,000... "Maintaining a Low Level" (Summary)

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The weekly initial jobless claims, a key unemployment indicator in the United States, remained relatively low since the COVID-19 outbreak, according to data released on the 29th (local time).

According to The Wall Street Journal (WSJ), the U.S. Department of Labor reported that initial jobless claims for the week of July 18-24 totaled 400,000. This figure represents a decrease of 24,000 from the previous week. It also exceeded market expectations of 380,000.

WSJ stated, "Economists assessed that this indicator is showing a renewed decline and that the labor market continues to recover, remaining at the lowest levels since the pandemic period."

However, the four-week moving average of claims, which helps confirm trends, increased by 80,000 to 3,945,000. Economic experts evaluated that uncertainties due to the spread of the Delta variant and ongoing supply chain constraints could pose obstacles to economic recovery going forward.