The number of people claiming unemployment benefits in the US rose by 33,000 from the previous week to 258,000 on the period ending October 5th, significantly exceeding market expectations of 230,000. This marks a new 14- month high and highlights the ongoing trend of a weakening labor market, bolstering forecasts that the Federal Reserve may introduce rate cuts in each of its remaining decisions this year. The federal reserve may have to be more aggressive than anticipated in cutting the rates.
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