U.S. Recurring Jobless Claims Jump to Highest Since End of 2021
Recurring applications for U.S. unemployment benefits rose to the highest level since the end of 2021, adding to evidence that it is taking unemployed Americans longer to find a new job, Bloomberg News reported. Continuing claims, a proxy for the number of people receiving benefits, advanced to 1.96 million in the week ended May 31, according to Labor Department data released today. Meanwhile, a measure of new filings that smooths volatility climbed to its highest level since August 2023. The spike in recurring claims coincides with a slowdown in hiring, suggesting that out-of-work people are struggling to find employment. However, the report covers periods that included Memorial Day and the start of summer school breaks in some states, which tends to make the data more volatile. [As reported by American Bankruptcy Institute (“ABA”) 6/12/25 e-newsletter]