The number of initial jobless claims in the United States surged last week, experiencing the largest weekly increase since the outbreak of the pandemic.

Data released by the US Department of Labor on Thursday showed a sharp increase in initial jobless claims last week, following a significant drop during the Thanksgiving holiday week, marking the largest weekly increase since the outbreak of the COVID-19 pandemic. For the week ending on December 6th, initial jobless claims in the US increased by 44,000 to reach 236,000. This level surpasses the peak since March 2020, while the previous week had just hit the lowest point in over three years. The figure exceeded market expectations of 220,000. It is understood that initial jobless claims typically fluctuate significantly around holidays, and this trend is expected to continue until the end of the year. However, the data released this week is already at a high level not seen since 2025. In recent weeks, companies like PepsiCo, Inc. and HP Inc. have announced layoffs, with the total number of job cuts in the US in October reaching a new high since early 2023. As a key indicator to smooth short-term fluctuations, the four-week moving average of initial jobless claims rose slightly to 216,750 last week; the continuing jobless claims as of November 30th (including the Thanksgiving holiday) stood at 1.838 million, with market expectations at 1.947 million. In recent months, subdued expectations for the labor market have continued to weigh on consumer confidence. Preliminary survey results from the University of Michigan in December show that a majority of respondents expect the US unemployment rate to rise in the coming year. During the interest rate meeting held by the Federal Reserve officials on Wednesday, a rate cut was announced for the third consecutive time to support a labor market that Fed Chairman Powell described as "gradually cooling". Despite not revising the unemployment rate forecast for next year compared to September's economic outlook, Powell openly stated that the current job market is facing "significant" downside risks.