Unemployment jobless claims were lower than expected, suggesting the American economy is not showing signs of slowing.
The number of Americans claiming jobless benefits was lower than expected for the week ending October 14, the U.S. Department of Labor said Thursday, suggesting that the economy is keeping people employed despite elevated inflation and prices.Initial unemployment claims declined by 13,000 to 198,000 for the week, the lowest level since January, and was less than the estimate of 205,000 from economists, even as reports of layoffs from the tech sector emerge.
Some believe that the Fed's high rates have taken a toll on consumers. On Tuesday, Bank of America CEO Brian Moynihan said he was noticing a softening of spending by customers through the bank.'The consumer has been slowing down their spending because interest rates take a toll,' he said.
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