The number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, suggesting that job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes.
It is, however, taking longer for laid-off workers to find new jobs, posing an upside risk to the unemployment rate. The report from the Labor Department yesterday also showed unemployment rolls swelling to levels last seen in late 2021.
Labour market slack keeps the door open to a third interest rate cut from the Federal Reserve next month, despite a recent lack of progress lowering inflation to its 2 per cent target.
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