U.S. initial jobless claims keep falling

Initial jobless claims in the U.S. drop to lowest level in nearly a year, even as ADP payrolls growth slows. Indicates a cooling, but still healthy, labor market that will keep the Fed cautious in early 2025. Mortgage rates back up to near 7%, weighing on mortgage applications and expectations of home sales in the near-term. Used car prices normalizing and no longer a source of disinflation for the CPI. Wholesale inventories dip and will likely be a drag on U.S. Q4 GDP growth. German manufacturing orders slump, dampening economic outlook. French consumer confidence slides to lowest level in over a year.

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