Job Seekers Face Greater Challenges
New Unemployment Claims Remain at 248,000, Unchanged from Previous Week
The number of people in the United States filing for unemployment benefits for more than two weeks has reached its highest level in three and a half years, indicating that it is taking longer for the unemployed to find new jobs.
According to the U.S. Department of Labor on June 12 (local time), the number of continuing unemployment benefit claims?those filed for at least two consecutive weeks?stood at 1,956,000 for the week of May 25?31. This is the highest figure since November 2021, marking a three-and-a-half-year peak. The number exceeded both the revised figure for the previous week (1,902,000) and the market expectation (1,910,000).
The number of new unemployment benefit claims for the week of June 1?7 was 248,000. This was the same as the previous week and surpassed the forecast of 242,000.
The increase in continuing unemployment benefit claims, combined with a slowdown in the labor market, suggests that it is becoming more difficult for the unemployed to find jobs. While there have been no large-scale layoffs, employment is showing signs of gradually slowing down. In May, nonfarm payrolls increased by 139,000, which was higher than the forecast of 126,000 but lower than the previous week's figure of 147,000.
Eliza Winger, an economist at Bloomberg Economics, analyzed, "Employers are taking a cautious approach to growth prospects," and added, "Hiring rates are relatively low, and the unemployed are having difficulty finding new jobs."
However, the recent increase in unemployment benefit claims may have been influenced by seasonal factors, such as the Memorial Day holiday and job losses among school employees in some states due to the start of summer vacation.
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