The number of Americans applying for jobless aid increased slightly last week, but layoffs remain at historically low levels.
Jobless claim applications rose by 3,000 to 221,000 for the week of Nov. 2, which was fewer than analysts had forecasted.
The big picture: The four-week average of weekly claims fell by 9,750 to 227,250, softening some of the week-to-week fluctuations.
- Continuing claims, the total number of Americans collecting jobless benefits, rose by 39,000 to 1.89 million for the week of Oct. 26, the most since late 2021.
- The Federal Reserve responded to weakening employment data and receding consumer prices by slashing its benchmark interest rate in September by a half a percentage point, shifting its focus from taming inflation toward supporting the job market.
What we’re watching: The Fed is expected to announce that it has cut its benchmark borrowing rate by another quarter point, with inflation approaching the Fed’s 2% target.
