US recurring jobless claims continue climb to highest level since 2021
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The news: While the number of new applications for jobless benefits in the US fell last week, recurring claims have continued their climb, suggesting that unemployed people are struggling to find work.
The numbers: Continuing claims, a data point used as a proxy for the number of people receiving unemployment benefits, rose to 1.97 million for the week ending 14 June.
Data from the Labor Department published on Thursday saw initial claims decrease to 236,000 for the week ending 21 June, lower than anticipated.
The context: The sharp increase in recurring applications for unemployment benefits has now continued for around 6 weeks, pointing to a potential slowdown in the labour market.
After the US Federal Reserve held rates steady last week, chair Jerome Powell said the jobs market wasn’t “crying out for a rate cut.” Powell reiterated his position earlier this week that labour conditions remain solid.
The sources: Department of Labor, Reuters, Bloomberg
