The jump last week represents a departure from a more subdued level of dismissals and may reflect the difficulty adjusting the data during the year-end holidays. Employers in November hired at a faster pace than projected, highlighting headway in the job market that will probably convince Federal Reserve policy makers to raise borrowing costs next week.
“Unless we have a sustained break above 300,000, I wouldn’t think that anything has really changed,” Thomas Simons, a money-market economist at Jefferies Group in New York, said before the report. “With the holidays, coming up is going to be a period of volatility.”
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