First-time applications for unemployment benefits are rising, up by almost 100,000 since hitting a five-decade low of 166,000 in the week ended March 19. So far, it doesn’t seem to indicate a deteriorating labor market. Goldman Sachs economists say about half of the increase is the result of changes to the seasonal adjustment process for claims. And continuing claims, which measure the number of people receiving benefits, are 78,000 lower than they were in the mid-March week, suggesting many new initial applications aren’t being approved, or people who have lost jobs are finding new ones quickly.
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