US Unemployment Claims at 235,000... 5 Consecutive Weeks Above 230,000 Record

Exceeds the 2019 Pre-COVID Average of 218,000 Cases

Job posting posted in front of a KFC store in Florida, USA. Photo by AFP Yonhap News

[Asia Economy Reporter Kim Heeyoon] The U.S. Department of Labor announced on the 7th (local time) that the number of new unemployment benefit claims in the U.S. last week (June 26?July 2) was 235,000, an increase of 4,000 from the previous week (231,000).

Last week's figure slightly exceeded experts' forecast of 223,000 claims.

With new unemployment claims remaining in the 230,000 range for five consecutive weeks, the number surpasses the 2019 average (218,000), the year before the COVID-19 pandemic.

New unemployment claims have steadily increased since hitting a 53-year low of 167,000 at the end of March.

The 4-week moving average of new unemployment claims, which smooths out volatility, was 232,500, up 750 from the previous week's average of 231,750.

The number of continuing unemployment claims, for those applying for benefits for at least two weeks, was 1,375,000, up from 1,324,000 the previous week.