US Weekly Jobless Claims Rise Moderately

Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 217,000 for the week ended Oct. 28, the Labor Department said on Thursday. Economists polled by Reuters had forecast 210,000 claims for the latest week.

The U.S. central bank held interest rates steady on Wednesday but left the door open to a further increase in borrowing costs in a nod to the economy's resilience. Since March 2022, the Fed has raised its policy rate by 525 basis points to the current 5.25%-5.50% range. Indeed, layoffs remain considerably low. A separate report on Thursday from global outplacement firm Challenger, Gray & Christmas showed U.S.-based employers announced 36,836 job cuts in October, down 22% from September. Planned layoffs were up 9% compared to October last year.

Source: News Formal (newsformal.com)

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