WASHINGTON - The number of people seeking unemployment benefits ticked up slightly last week after two months of steady declines and consumer spending was up a bit in October.
But the increase isn't enough to reverse the downward trend. The four-week average of applications, a less volatile measure, fell to its lowest level since April.
The decline in the average signals that companies are laying off fewer workers.
The Labor Department says weekly applications for unemployment aid rose 2,000 to a seasonally adjusted 393,000. It's the second increase in six weeks. The four-week average fell to 394,250. That's the eighth drop in the past nine weeks.
Even so, weekly applications would need to stay below 375,000 consistently to push down the unemployment rate significantly. They haven't been at that level since February.
CONSUMER SPENDING
Consumers barely increased their spending in October but their incomes rose by the most in seven months. The extra money could boost spending during the upcoming holiday shopping season.
The Commerce Department says spending increased 0.1 percent last month, the poorest gain in four months. But incomes increased 0.4 percent, the best showing since March.
Private wages and salaries drove the income gain.
The slight October gain in consumer spending represented a big slowdown from a 0.7 percent September increase. Spending on durable goods such as autos showed a solid increase but spending on nondurable goods such as food and clothing fell.
Monday
July 14th, 2025
12:12AM
