US Unemployment Claims at 258,000 'Exceed Expectations'... Highest in 14 Months

33,000 Cases Increase Compared to Jeonju... Impact of Hurricane

Last week, the number of new unemployment benefit claims in the United States reached the highest level in 1 year and 2 months.

According to the U.S. Department of Labor on the 10th (local time), the number of new unemployment benefit claims for the week of September 29 to October 5 was recorded at 258,000, the highest since August of last year.

This represents an increase of 33,000 claims compared to the previous week's figure (225,000 claims) and exceeded experts' expectations (231,000 claims) by 27,000. The impact of Hurricane Helen contributed to the rise in unemployment benefit claims.

The number of continuing unemployment benefit claims, which counts those claiming benefits for at least two consecutive weeks, was recorded at 1,861,000 for the week of September 22 to 28. This surpassed both the revised figure for the previous week (1,819,000) and market forecasts (1,830,000).

As the U.S. Federal Reserve (Fed) shifts its monetary policy focus from price stability to full employment and enters a monetary easing cycle, the market is closely watching the labor market. The increase in unemployment benefit claims, an early indicator of employment conditions, is interpreted as a sign that the labor market is gradually slowing down.