Is he your first?
How much formula / breast milk are you giving him? 2-3 ounces might not be enough, try 4 or more, but do not keep the unused milk out. You can add it to a new bottle within 2-3 hours of refrigeration.
Give him a pacifier - he may just want the suckling sensation because it calms him.
Does he vomit much? That could make him hungry more.
You must also realize that in their first year, newborns grow a big way, with most tripling their birth weight and increasing their length by about 50%.
Babies are born with some extra fluid, so it is perfectly normal for a newborn to drop a few ounces when that fluid is lost in the first few days of life. A healthy newborn is expected to lose 7% to 10% of his or her birth weight but should regain that weight by about 2 weeks after birth.
During their first month, most newborns continue to gain weight at a rate of at least 5-6 ounces a week. They generally grow in height about 1 to 1.5 inches during the first month. Many newborns go through a period of rapid growth when they are 7 to 10 days old and again at 3 and 6 weeks.
Don't worry, from your baby's first day, health care providers will keep track of weight, length, and head size. Growth is a good indicator of general health, and babies who are progressing well are generally healthy, while poor growth can be a sign of a problem
Your babies cluster feeding may also come into play here as he is trying to sort out his day and night cycles. Is he sleeping most of the night? My one year old daughter came out, knew my voice, reached out to me, took a whole 5 ounce bottle, went to sleep, pooped...alot, her mother passed away that night, we cried.
She never got her days and nights confused. Awake in the morning for about 4-5 hours, would take a nap or two during the day, eat and then sleep for 9-10 hours a night....still does today.