US Unemployment Claims at 221,000... Slight Increase

Continued Unemployment Claims Exceed Expectations
Impact of Hurricane and Boeing Strike

Last week, the number of new unemployment benefit claims in the United States showed a slight increase compared to the previous week.

According to the U.S. Department of Labor on the 7th (local time), the number of new unemployment benefit claims for the week of October 27 to November 2 was recorded at 221,000, an increase of 3,000 from the revised figure of the previous week. This was 2,000 below the expert forecast of 223,000.

The number of continuing unemployment benefit claims, which are claims filed for at least two weeks, was 1,892,000 for the week of October 20 to 26. This is the highest level since November 2021, surpassing both the revised figure of the previous week (1,853,000) and market expectations (1,880,000). It is analyzed that the effects of two hurricanes and the Boeing workers' strike are still lingering.

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. The Fed is expected to lower the benchmark interest rate by 0.25 percentage points at the Federal Open Market Committee (FOMC) regular meeting held on this day.