WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits increased marginally last week, but the devastation unleashed by Hurricane Helene in the U.S. Southeast and strikes at Boeing and ports could distort the labor market picture in the near-term. The report from the Labor Department on Thursday showed the labor market gliding at the end of the third quarter, a state of affairs that could allow the Federal Reserve to be in no rush to deliver large interest rate cuts. The economy also ended the third quarter on solid footing, with another report showing services sector activity rose to the highest level in just over 1-1/2 years in September amid strong growth in new orders.
With barely a month to go before the US presidential election, a trifecta of economic shocks is threatening to sap Vice President Kamala Harris’ momentum on voters’ No. 1 issue: a port strike, a hurricane and an escalation of fighting in the Mideast.
The Boeing Company [NYSE: BA] will release its financial results for the third quarter of 2024 on Wednesday, October 23.