Jobless Claims Fall to 9-Month Low as Housing Market Struggles Amid Rising Rates

Weekly jobless claims fall to 9-month low of 198,000 indicating strong job growth in October.

Existing home sales drop 2% to 3.96 million units in September, lowest since 2010 due to rising mortgage rates.

Labor market conditions remain tight but are gradually cooling according to Fed Beige Book.

Housing market struggling due to high interest rates though broader economy resilient.

Business conditions still subdued in mid-Atlantic region though manufacturers expect improvement.