Unemployment Claims Rise Moderately as Labor Market Loses Momentum
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Number of Americans filing new unemployment claims rose moderately last week, suggesting labor market is losing momentum.
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Jobless claims report suggests Fed is likely done raising interest rates this cycle, though rate cuts in Q1 seem premature.
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U.S.-based employers announced 45,510 job cuts in November, up 24% from October but down 41% from a year ago.
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Wholesale inventories declined 0.4% in October, indicating business inventories likely to subtract from GDP growth in Q4.
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Continuing jobless claims jumped to a 2-year high before declining in late November, partly due to seasonal adjustments after COVID-19.