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The US Labor Department said that jobless claims had fallen to 255,000 for that week, marking the 86th consecutive week that the figure is below the 300,000 mark.
The labor report adds to a general assessment from the Federal Reserve reported last week that the economy has continued to grow slow and steady, which could lead to raising interest rates late this year. Many analysts expect a rate hike in December, exactly one year after 2015’s increase.
But an increase is unlikely when the Fed meets next week.
“Outlooks are positive, although contacts in several sectors cite the upcoming presidential election as a source of near-term uncertainty, delaying some business decisions,” the Fed’s Boston district said in the report last week.
The report stated that the job market “remained tight,” with modest employment and wage growth seen across the 12 districts.
Meanwhile, long-term mortgage rates in the US reached their highest levels since June, soaring for the second week in a row.
Mortgage giant Freddie Mac said late last week that the average for a 30-year fixed-rate mortgage increased to 3.52 per cent from 3.47 per cent in early October, AP reported.
The BRICS Post with inputs from Agencies