US New Unemployment Claims at 220,000... Stability Maintained

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The number of weekly new unemployment insurance claims in the U.S. rose back to the 200,000 level after one week but remained at a stable level.

On the 2nd (local time), the U.S. Department of Labor announced that the number of new unemployment insurance claims for the week of November 21-27 was 222,000.

This was an increase from the previous week's 194,000 but lower than the market expectation of 240,000.

The number of new unemployment insurance claims in the U.S. fell below 200,000 for the first time since the COVID-19 outbreak last week, marking the lowest level in 52 years. The previous week's claims were revised downward from an initial 199,000 to 194,000.

CNBC reported that the claims indicated the U.S. labor market maintained a level similar to that before COVID-19.

Although companies are complaining about labor shortages, U.S. employment is clearly on a recovery trend.

The day before, private employment data processor ADP announced that private employment in November increased by 534,000, significantly exceeding the market expectation of 506,000.

The November employment report from the Department of Labor, to be released on the 3rd, is also expected to be positive. The market expects the November employment increase to be 550,000, up from 531,000 in October.