MNI BRIEF: US Sept CPI Hotter Than Forecast; Claims Higher Too
MNI (WASHINGTON) - U.S. inflation in September was slightly firmer than markets expected, while initial claims for unemployment insurance also rose to the highest level since June 2023, according to Bureau of Labor Statistics reports Thursday. The Federal Reserve is watching both price and labor market data closely as officials debate how quickly to lower interest rates this year and next. (See: MNI: Job Boom Means Slower Fed Cuts, Pause Possible - Ex-Staff)
Headline CPI added 0.180% in September and core rose 0.312%, bringing the 12-month measures to 2.4% and 3.3%, respectively. Wall Street had expected a tenth less on both measures. Shelter prices increased 0.2%, with owners equivalent rent adding 0.3%, on the lower end of estimates. Core services prices outside of housing, or supercore CPI, accelerated to 0.404% from 0.328% the previous month.
In a separate report, initial jobless claims jumped 33,000 to 258,000 in the week ending Oct. 5, matching an August high that was the most since last summer. States most heavily impacted by Hurricane Helene saw an outsized rise in claims, according to MNI calculations.