US Labor Market Slows, Jobless Claims Rise, Gold Prices Near Highs

The number of Americans filing new claims for unemployment benefits increased moderately last week, indicating a gradual slowdown in the labor market as higher borrowing costs dampen demand in the broader economy. While the report supports the view that the Federal Reserve is unlikely to raise interest rates further, it suggests that expectations of an early rate cut may be premature. Additionally, a separate report shows that U.S.-based employers announced more job cuts in November, but planned layoffs dropped compared to a year ago. The Commerce Department's Census Bureau also reported a decline in wholesale inventories, indicating slowing economic activity.