US weekly jobless claims at five-month low
unemployment benefits fell to a five-month low last week and consumer spending increased more than expected in September, showcasing the economy's strength heading into the final stretch of 2024 and just days before next Tuesday's presidential election.
Though prices pushed higher last month, inflation is firmly on a downward trend, with other data on Thursday showing labor costs posting their smallest gain in more than three years in the third quarter. The data likely keeps the Federal Reserve on track to cut interest rates next week and again in December.
«We are not concerned that inflation's progress toward the Fed's target is stalling, let alone reaccelerating,» said Ryan Sweet, chief economist at Oxford Economics.
Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 216,000 for the week ended Oct. 26, the lowest level since May, the Labor Department said.
The third straight weekly decline likely reflected the fading distortions from Hurricanes Helene and Milton, which boosted claims in early October and kept them elevated through the middle of the month. Applications were also lifted by a strike at Boeing, which has forced the planemaker to implement rolling furloughs, and hurt its suppliers.
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