Recurring jobless claims rise to three-year high

The volume of recurring applications for unemployment benefits rose to its highest volume in more than three years, signaling that it’s taking longer than usual for people out of a job to find work. 

The number of Americans receiving continued unemployment benefits rose to 1.91 million for the week of Dec. 14, according to Labor Department data. That’s a week-to-week increase of 46,000 claims, and represents the highest number of Americans collecting recurring unemployment benefits since November 2021, according to the Associated Press. 

Last month, more than 40% of those receiving unemployment benefits had been looking for work for more than 15 weeks, per the Labor Department. 

Companies are hiring workers at a sluggish pace not seen since after the Great Recession, CNBC reported earlier this month. 

That doesn’t bode well for millions of employed workers seeking new jobs, either. More than 50% of U.S. workers are either actively or casually searching for a different job, a Gallup poll found in December. Just 18% of workers are “extremely satisfied” with their job, the poll found. 

There are signs that businesses are still looking for workers even though hiring has cooled. The government reported that job openings rebounded to 7.7 million in October from a 3 1/2 year low of 7.4 million in September, per The Associated Press.

Employers added 227,000 jobs in November compared to 36,000 jobs in October — signaling modest improvement in the labor market following a setback from strikes and hurricanes. 

The December jobs report comes out on Jan. 10.