On October 29, local time, the US Department of Labor released data showing that in the week ending October 24, the number of people applying for unemployment benefits for the first time in the United States was 751,000, which was less than the 775,000 expected by the market.
The number of people applying for unemployment benefits for the first time in the previous week was revised to 791,000.
The new crown pneumonia epidemic has caused a huge impact on the US labor market. Unemployment was the worst in March and April. With the restart of the US economy, the labor market has improved since May.
However, with the recent slowdown in the recovery of the job market, the number of first-time jobless claims remains high. They have hovered within the range of 800,000 for nine consecutive weeks, which is about four times the average level before the epidemic.
At present, as the epidemic worsens again, corporate bankruptcies and permanent unemployment increase, the momentum of the US economy is weakening. Economists generally believe that the U.S.
economic outlook is still largely determined by the trend of the epidemic and the policy actions taken by the U.S. government. The U.S. economy is unlikely to fully recover until people are convinced that it is safe to participate in a wide range of activities.