Recurring jobless claims spike to highest level since 2021 at 1.96 million
- New data from the Ministry of Labor 1.96 million people are offered in unemployment benefits in the week ending May 31. This is the highest number since mid -November 2021, when they occupied 1.97 million. While other data shows a fixed job market, these new numbers indicate that more people are unemployed at the same time.
Repeated demands for unemployment benefits have reached its highest level in more than three years, according to the Ministry of Labor data issued on Thursday.
The last report, which collected data during the past month, showed that 1.96 million people were in unemployment during the week ending May 31. The last time repeated claims at this level exceeded the week that ends on November 13, 2021, when 1.97 million people had unemployment advantages, according to historical data from the Federal Reserve in St. Louis.
Repeated unemployed claims measure the number of people who remain on unemployment subsidies, rather than just those who have been newly recorded during a certain period of time. It is often used as an alternative to the total number of people on unemployment.
The increasing number of people with unemployment benefits indicates that it takes longer to find a new job. While the new claims remained relatively fixed, as they hover about 248,000 for the week ending June 7, the fact of the unemployed are struggling to obtain new hints of jobs in a broader slowdown in the labor market.
The latest unemployment numbers hold the monthly job report last week, which witnessed that the United States was adding 139,000 jobs in May. This level was actually a little higher than most estimates, which expected about 125,000 new jobs. At the same time, the unemployment rate was fixed at 4.2 %. However, the same report witnessed the descending reviews of 95,000 combined jobs in March and April.
Although the labor market has not yet been characterized by acute shocks such as the demobilization of the main workers, it seems that the employment has slowed down, or at least that more people are unemployed at the same time more than it was during the past three years. Exactly how the labor market will be formed over the next 12 months, it will depend on president Donald Trump’s commercial and economic policies, which have changed dramatically during the five months that were in office.
The federal reserve has been made to make any changes to monetary policy so that it can better assess the effects that these policies will make on the economy. Over the past few months, Federal Reserve Chairman Jerome Powell has repeated that the American economy is in good condition, which allows the central bank time to continue to evaluate its next step based on how to change the image or if.
This story was originally shown on Fortune.com
2025-06-12 15:16:00
