US Weekly Jobless Claims Hit Seven-Month Low

MACROECONOMICS - WASHINGTON. The number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, suggesting that job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes.

It is, however, taking longer for the unemployed to find new work. The report from the Labor Department on Thursday also showed unemployment rolls swelling to levels last seen in late 2021. Labor market slack keeps the door open for a third interest rate cut from the Federal Reserve next month, despite a recent lack of progress lowering inflation to its 2% target.