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Last week, the number of new applications for unemployment insurance in the United States fell sharply for the first time in almost two months. Despite the rapid rise in new corona virus infections and new business-restriction devices, expectations have spread that the job market will continue to recover moderately.
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The number of beneficiaries of continuous unemployment insurance (the week ending November 21) decreased by 569,000 from the previous week to 5.52 million. The mid-market forecast was 5.8 million.
Last week includes Thanksgiving. Before and after the holidays, it is often difficult to seasonally adjust the data on the unemployment insurance claim, so it is important that this trend continues or not.
Last week, all but 10 states and autonomous territories reported a decline in the number of applications for unemployment insurance before the season. Significant drops in California, Texas, Michigan and Georgia. On the other hand, it increased in Illinois, Oregon and Indiana.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, said: “The sharp drop in unemployment insurance claims is consistent with the trend, and we expect a big drop due to the difficulty of adjusting for Thanksgiving. It was.” expectation was 725,000.
The number of continuing recipients of the Federal Panddemic Unemployment Assistance (PUA) program (as of the end of November 14) decreased by approximately 339,000 to 8.87 million. The PUA applies to workers who are not covered by the regular unemployment insurance provided by each state, such as the self-employed and concert workers who do one-off jobs.
The number of people receiving the Federal Pandemic Emergency Unemployment Compensation (PEUC) for the long-term unemployed (end of Nov. 14) increased slightly to 4.57 million. More and more people are moving into extended benefit programs like PEUC, but these programs were introduced under the Corona Virus Assistance, Relief and Economic Security Act (CARES) and will expire at the end of the year.
See the table for details on the statistics.
Original title:Unemployment Claims Down In US, Offering A Ray Of Hope For The Labor Market （抜 粋）
Weekly jobless claims in the United States fell from 75,000 to 712,000; Est. 775K （抜 粋）
(Add and update statistics details)
