October 31, 2024 – 7:55 AM PDT
WASHINGTON (Reuters) – The number of Americans filing new applications for unemployment benefits fell to a five-month low last week and consumer spending increased more than expected in September, showcasing the economy’s strength heading into the final stretch of 2024 and just days before next Tuesday’s presidential election.
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Though prices pushed higher last month, inflation is firmly on a downward trend, with other data on Thursday showing labor costs posting their smallest gain in more than three years in the third quarter. The data likely keeps the Federal Reserve on track to cut interest rates next week and again in December.
“We are not concerned that inflation’s progress toward the Fed’s target is stalling, let alone reaccelerating,” said Ryan Sweet, chief economist at Oxford Economics.
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