US weekly jobless claims at 57-year lows; worker productivity surges in third quarter - Central Oregon Daily

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WASHINGTON, Nov 5 (Reuters) - The number of Americans filing new claims for unemployment benefits slipped to a 57-year low last week, pointing to labor market resilience, though uncertainty over the drawn-out conflict in the Middle East is constraining hiring. Other data from the Labor Department on Thursday showed stronger-than-expected growth in worker productivity in the third quarter. The surge in productivity depressed labor costs for the first time in more than a year and reinforced views of policymakers and economists that the labor market was not a source of inflation. Benign wage inflation gives the Federal Reserve more latitude to focus on rising price pressures stemming from the US-Israeli war with Iran.