US Continuing Jobless Claims Rise to Highest Since End of 2021

Recurring applications for unemployment benefits surged to the highest since November 2021, adding to recent signs that the labor market is weakening.

Continuing claims, a proxy for the number of people receiving benefits, rose by 38,000 to 1.97 million in the week ended July 26, according to Labor Department data released Thursday.

An elevated level of recurring filings indicates unemployed workers are having more difficulty finding a new job. That said, new claims have remained largely subdued this year, a sign that businesses are mostly holding onto their workers even as they pull back on hiring.

Initial claims ...