Initial unemployment claims fell more than forecast, but continuing claims rose to a 3 year high.
So, employers are still skittish about letting people go, but people are not finding new jobs.
Recurring applications for US unemployment benefits rose to the highest in more than three years, adding to signs that it is taking longer for out-of-work people to find a job.
Continuing applications, a proxy for the number of people receiving benefits, rose to 1.91 million in the week ended Dec. 14, according to Labor Department data released Thursday. Initial claims, meanwhile, ticked down to 219,000 in the week ended Dec. 21.
Recurring filings have been gradually trending up this year, consistent with other data showing the unemployed are having a harder time finding work.
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The four-week moving average of new applications, a metric that helps smooth out volatility, rose to 226,500.
Before adjusting for seasonal factors, initial claims rose last week. New Jersey, Connecticut and California registered the biggest increases while Florida, New York and West Virginia saw the largest declines.
That last bit is important.
We are in a time of the year where seasonal factors are kind of squirrely.
I think that we might get a more accurate picture by the 2nd week of January or so.
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