


The number of people filing for unemployment dropped to its lowest level in six months, according to the Labor Department.
Jobless claims fell by 4,000 to 217,000, while the four-week average fell from 6,250 to 221,000, according to an ABC News report.
The previous time the unemployment applications averaged this low was in the first four months of 2024, when they hit 213,000 before rising steadily over the next few months and dropping last week.
Why unemployment has lowered, the report pointed out that, in October, the U.S. economy added only 12,000 jobs and that the estimate of new jobs from April 2023 to March 2024 was revised down by over 800,000 jobs, indicating a slowing job market.
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A Reuters report suggested the employment rate will increase as a reaction to recovery efforts in the wake of Hurricane Helene and the ending of the Boeing strike, which should allow its rolling furloughs to end. The report also said that layoffs are at a historical low.
The economy has consistently been a top issue for the public and weighed heavily on the election, according to a report by CBS News. In October, 6 in 10 people described the economy as “fairly bad” or “very bad.”