U.S. Weekly Jobless Claims Rise Slightly

The number of Americans filing new unemployment claims rose modestly last week, indicating little change in labor market conditions despite recent hurricanes and strikes slowing job growth in October, Lucia Mutikani reported for Reuters.

Initial claims for state unemployment benefits increased by 3,000 to a seasonally adjusted 221,000 for the week ending Nov. 2.

Initial claims for state unemployment benefits increased by 3,000 to a seasonally adjusted 221,000 for the week ending Nov. 2, in line with economists’ expectations.

Nonfarm payrolls increased by only 12,000 jobs last month—the smallest gain since December 2020.

Economists predict that the Federal Reserve, expected to cut its benchmark interest rate by 0.25% to the 4.50%-4.75% range, won’t weigh October’s job report heavily in its economic assessment.

The Fed began policy easing with a half-percentage-point rate cut in September, its first reduction since 2020, following rate hikes totaling 525 basis points in 2022 and 2023 to control inflation.