October 3, 2024 – 6:48 AM PDT
WASHINGTON (Reuters) – The number of Americans filing new applications for unemployment benefits rose marginally last week, but the devastation unleashed by Hurricane Helene in the U.S. Southeast and strikes at Boeing (BA.N) and ports could distort the labor market in the near-term.
Advertisement
The report from the Labor Department on Thursday showed the labor market gliding at the end of the third quarter, a state of affairs that could allow the Federal Reserve to be in no rush to deliver large interest rate cuts.
“For the moment, the labor market looks steady as a rock and the economy appears to have missed falling headlong over the cliff into the depths of recession,” said Christopher Rupkey, chief economist at FWDBONDS. “Fed officials are unlikely to hurry ahead with aggressive interest rate cuts…
