US Recurring Jobless Claims Jump to Highest Since End of 2021

Recurring applications for US unemployment benefits rose to the highest since the end of 2021, adding to evidence that it is taking unemployed Americans longer to find a new job.

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 Thursday. That was above all estimates in a Bloomberg survey.

Meanwhile, a measure of new filings that smooths volatility climbed to the highest since August 2023.

The spike in recurring claims coincides with a slowdown in hiring, suggesting that out-of-work people ...