According to economists from Nomura Securities, "the rising trend in claims indicates a growing frequency of layoffs, while the continuing claims data add the dimension that a soft job market [has] prolonged the search for new jobs."
With such a significant increase, one economist said, "we should see a meaningful slowdown in payroll growth in December." And "payrolls closer to zero will soon become a real possibility" if these increases continue to rise.
The number of those continuing to receive unemployment benefits also increased this month, making the count the highest since December 2005.
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