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WASHINGTON, Oct 31 - The number of Americans filing new applications for unemployment benefits fell to a five-month low last week and consumer spending increased more than expected in September, showcasing the economy's strength heading into the final stretch of 2024 and just days before next Tuesday's presidential election.
The third straight weekly decline likely reflected the fading distortions from Hurricanes Helene and Milton, which boosted claims in early October and kept them elevated through the middle of the month. Applications were also lifted by a strike at Boeing , opens new tab, which has forced the planemaker to implement rolling furloughs, and hurt its suppliers.
The storms and labor strife, however, likely restrained job growth in October. The Labor Department reported last week that there were 41,400 workers on strike during the period that employers were surveyed for October's employment report, including at Boeing and three hotel chains.A Reuters survey showed nonfarm payrolls probably increased by 113,000 jobs this month after rising by 254,000 in September. The unemployment rate is forecast unchanged at 4.1%.
A separate report from the Commerce Department's Bureau of Economic Analysis showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.5% last month after an upwardly revised 0.3% gain in August. Though prices ticked up in September, the overall inflation picture remains benign amid subsiding wage pressures.
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