1345 GMT [Dow Jones] Dan Greenhaus of Miller Tabak says the drop in claims paints too rosy a labor picture.
First, seasonal factors skew late-December data. Second, history shows new and continuing claims should move in tandem.
But the broad measure of continuing claims (including emergency benefits) is still rising, says Greenhaus.
He writes, "while initial claims have improved, suggesting firing is waning, total continuing claims have remained elevated
over 9.8 million since mid September suggesting the pace of hiring is lagging." (KGM)
First, seasonal factors skew late-December data. Second, history shows new and continuing claims should move in tandem.
But the broad measure of continuing claims (including emergency benefits) is still rising, says Greenhaus.
He writes, "while initial claims have improved, suggesting firing is waning, total continuing claims have remained elevated
over 9.8 million since mid September suggesting the pace of hiring is lagging." (KGM)
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