Jobless Claims Drop More Than Expected, Pointing to Cooling Labor Market
• Weekly jobless claims fell more than expected to 209,000, indicating the labor market is slowing amid higher interest rates • The data suggests the Fed's rate hikes to combat inflation are having an impact in cooling demand • There are signs the labor market moderation is broadening out across income groups • Data on continuing claims will offer more clues on hiring health in November • Claims rose marginally between October and November survey weeks for the monthly jobs report