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Analyst: Holiday effects unemployment benefit data fluctuations, application differences reveal labor market trends

Analyst: Holiday effects unemployment benefit data fluctuations, application differences reveal labor market trends

Bitget2024/12/26 14:45

On December 26, analysts Nancy Lazar and Dave Wigglesworth from financial company Piper Sandler stated that the holiday season would bring fluctuations to the seasonal adjustments used in unemployment claim data. However, the difference between initial claims for unemployment benefits and ongoing claims reflects a deeper trend: The number of first-time applicants for unemployment benefits has remained relatively stable, dropping to 219,000 in the most recent week, while the number of those still unemployed and continuing to claim benefits has risen to its highest level since the end of 2021. This suggests that everything is normal for most people with jobs - there hasn't been a surge in layoffs - but once unemployed, it's hard to find new work. This aligns with a labor market that is cooling down but not yet collapsing.

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