US Unemployment Claims at 227,000 'Below Expectations'

Decrease to Pre-Hurricane Levels

Last week, the number of new unemployment benefit claims in the United States decreased compared to the previous week, falling short of market expectations.

According to the U.S. Department of Labor on the 24th (local time), the number of new unemployment benefit claims for the week of October 13-19 was recorded at 227,000.

This is 15,000 fewer than the previous week's figure (242,000) and 16,000 below experts' forecast (243,000).

Recently, new unemployment benefit claims increased mainly in the southeastern region affected by Hurricanes Helen and Milton, but last week, the numbers returned to levels prior to the hurricanes hitting the affected areas.

The number of continuing unemployment benefit claims, which counts those claiming benefits for at least two consecutive weeks, was recorded at 1,897,000 for the week of October 6-12. This is the highest level in about three years. It exceeded both the previous week's revised figure (1,869,000) and market expectations (1,880,000). This is attributed to the impact of two hurricanes and the Boeing workers' strike.

As the U.S. Federal Reserve (Fed) began cutting interest rates last month and shifted the focus of monetary policy from price stability to full employment, Wall Street is closely watching the labor market.