financetom
Economy
financetom
/
Economy
/
US weekly jobless claims increase moderately
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US weekly jobless claims increase moderately
Nov 9, 2024 12:09 PM

WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits rose marginally last week, suggesting no material change in labor market conditions and reinforcing views that hurricanes and strikes had resulted in job growth almost stalling in October.

Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 221,000 for the week ended Nov. 2, the Labor Department said on Thursday. Economists polled by Reuters had forecast 221,000 claims for the latest week.

Employment growth slowed sharply last month, with nonfarm payrolls increasing by only 12,000 jobs, the fewest since December 2020. That aligned with a jump in claims in early October as Hurricane Helene disrupted economic activity in the U.S. Southeast region. Applications stayed elevated through the middle of last month after Hurricane Milton lashed Florida.

A strike by factory workers at Boeing, which forced the planemaker to implement rolling furloughs, also weighed on payrolls in October. The disruptions from the hurricanes have almost faded and the striking workers have gone back to work after agreeing to a new contract this week, paving the way for an acceleration in job growth in November.

Economists expect Federal Reserve officials won't place much emphasis on October's employment report as they evaluate the state of the economy. The U.S. central bank later on Thursday is expected to cut its benchmark interest rate again, this time by a quarter of a percentage point to the 4.50%-4.75% range.

The Fed embarked on its policy easing cycle with an unusually large half-percentage-point rate cut in September, the first reduction in borrowing costs since 2020. It hiked rates by 525 basis points in 2022 and 2023 to curb high inflation.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, rose 39,000 to a seasonally adjusted 1.892 million during the week ending Oct. 26, the claims report showed. The Boeing-related furloughs are mostly keeping the so-called continuing claims elevated.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Federal Reserve Chair Warsh Says 'No Tolerance' for Inflation at FOMC
Federal Reserve Chair Warsh Says 'No Tolerance' for Inflation at FOMC
Jul 14, 2026
09:02 AM EDT, 07/14/2026 (MT Newswires) -- Federal Reserve Chairman Kevin Warsh will say Tuesday in prepared testimony before the House Financial Services Committee that the Federal Open Market Committee is aware of the pain that elevated inflation causes consumers and that it will remain focused on it, according to a statement released by the Federal Reserve. The members of...
CPI comes in cool, soothing markets
CPI comes in cool, soothing markets
Jul 14, 2026
NEW YORK, July 14 (Reuters) - U.S. consumer inflation slowed more than expected in June, easing anxiety in markets that have been edgy about the prospect of price pressures forcing Federal Reserve rate increases in coming months. The Consumer Price Index increased by a still-high 3.5% in the 12 months through June after surging 4.2% in May, which was the...
US consumer inflation slows more than expected in June
US consumer inflation slows more than expected in June
Jul 14, 2026
WASHINGTON, July 14 (Reuters) - U.S. consumer inflation slowed more than expected in June, but that will probably offer little comfort to households or rule out an interest rate increase from the Federal Reserve this year, with the conflict in the Middle East still unresolved. The Consumer Price Index increased by a still-high 3.5% in the 12 months through June...
U.S. June CPI fell 0.4%, likely cooling move toward Fed rate hikes
U.S. June CPI fell 0.4%, likely cooling move toward Fed rate hikes
Jul 14, 2026
U.S. inflation in June came in far softer than forecast, likely putting on hold what were fast-rising expectations for imminent Federal Reserve rate hikes. The Consumer Price Index (CPI) decline 0.4% in June versus economist forecasts for a decline of 0.1% and May's sharp rise of 0.5%. On a year-over-year basis, CPI was up 3.5% versus forecasts for 3.8% and...
Copyright 2023-2026 - www.financetom.com All Rights Reserved