Recurring jobless claims in the U.S. have climbed to their highest level since late 2021, suggesting it’s taking longer for unemployed workers to find new jobs, Bloomberg reports.
Continuing claims rose to 1.96 million in the week ending May 31, topping all forecasts in a Bloomberg survey, according to Labor Department data released Thursday.
Meanwhile, the four-week average of new unemployment filings—a measure used to smooth out volatility—reached its highest point since August 2023.
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The spike in claims coincides with a slowdown in hiring, although the report also includes Memorial Day and the start of summer school breaks, which could have impacted figures.
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