WASHINGTON, D.C. (NBC) – There is some good news on the inflation front.
According to new data released Thursday, inflation in the United States has eased to 7.7%. That’s down from 8.2% in September and lower than some economists had expected, making the year-over-year gain the smallest since January when inflation was pacing at about 9.9%.
However, the inflation rate still remains far above the Federal Reserve’s 2% target signaling that interest hikes are likely to continue.
Meanwhile, more workers are filing for unemployment.
According to the labor department, there was an increase of 7,000 unemployment claims last week for a seasonally adjusted total of $225,000 even as the U.S. added 26,000 jobs in the month of October.