U.S. jobless claims fall for third straight week to 48-year low
By
Shobhana Chandra
Published
2 Min Read
Shobhana Chandra
From
Bloomberg News
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The drop represents a positive change following a spike in unemployment over the summer.
The devastation caused by the hurricane, along with layoffs, have largely contributed to the jump.
Data shows hiring plans at their lowest since 2012.
The drop was lower than economists expected, while big companies continue to announce job cuts.
Despite elevated interest rates, the economy has grown at a moderate pace this year as a resilient labor market helps underpin consumer spending.