US New Unemployment Insurance Applications Decrease More Than Expected-Lowest Since November Last Year-Bloomberg

Last week, the number of new unemployment insurance claims in the US fell more than the market expected. It has been suggested that employment cuts are beginning to settle as new infections with the new coronavirus decrease and the pace of vaccination accelerates.

Key Point
The number of new unemployment insurance applications (end of 20th week) decreased by 111,000 from the previous week to 730,000 under the normal state program-the lowest level since November last year. Bloomberg Survey Economist Median Expected Median 825,000 Revised to 841,000 cases last week (preliminary figure 861,000 cases) On a pre-seasonally adjusted basis, the number decreased by 131,734 to 710,313.

Key Point

The number of new unemployment insurance applications (end of 20th week) decreased by 111,000 from the previous week to 730,000 under the normal state program-the lowest level since November last year.
- Bloomberg Survey Economist Median Expected Median 825,000
- Revised to 841,000 cases last week (preliminary figure 861,000 cases)
- On a pre-seasonally adjusted basis, the number decreased by 131,734 to 710,313.

The number of unemployment insurance recipients (week ending 13th) decreased by 101,000 to 4.42 million.

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Changes in the number of new unemployment insurance applications

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The numbers are still higher than the worst of the last recession, but suggest that job cuts associated with the new corona epidemic are beginning to slow. Employment is expected to improve significantly as vaccination increases.

The number of unemployment insurance applications has dropped by more than 50,000 in California. Even in Ohio, the number has decreased by more than 46,000.

The number of new applications for the Federal Pandemic Unemployment Assistance (PUA) program decreased by 61,460 to 451402 in the week ending 20th. PUA applies to workers who are not covered by the regular unemployment insurance provided by each state, such as self-employed workers and gig workers who undertake one-off jobs.

The federal government’s Pandemic Emergency Unemployment Compensation (PEUC) for long-term unemployed will continue to receive 5.07 million people in the week ending 6th. PEUC will provide compensation to those who have completed their state program benefits.

See the table for statistics details.

Original title:U.S. Jobless Claims Decline by More Than Forecast Last Week (1)(Excerpt)

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