Weekly Jobless Claims Edge Up While Productivity Jumps; Fed Signals More Rate Hikes Ahead
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Weekly jobless claims rose marginally to 217,000 while continuing claims jumped to 1.818 million.
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Productivity accelerated at a 4.7% annualized rate in Q3, the fastest pace since 2020.
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Unit labor costs decreased at a 0.8% rate in Q3 after rising 3.2% in Q2.
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U.S. employers announced 36,836 job cuts in October, down 22% from September.
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The Fed held interest rates steady but signaled further hikes are likely as the labor market remains resilient.