Reuters
WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits dropped to a four-month low last week, pointing to solid job growth in September and offering confirmation that the economy continued to expand in the third quarter. The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy's health, also showed jobless rolls shrunk to levels last seen in early June. The U.S. central bank on Wednesday cut interest rates by 50 basis points to the 4.75%-5.00% range, the first reduction in borrowing costs since 2020, which Federal Reserve Chair Jerome Powell said was meant to demonstrate policymakers' commitment to sustaining a low unemployment rate.