US Productivity Accelerates, Anger in Minneapolis, More
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News when you want it with Bloomberg News Now. I'm Karen Moscow. We'll get the latest on the fatal shooting in Minneapolis in just a moment. But first, some breaking news on the jobs front. Jobless claims rose less than expected over the last week and Bloomberg's Michael McKee has more.
Looks like we have our last clue before the payrolls report tomorrow. 208,000 jobs for unemployment claims filings. That's up from 199 was the initial report. That's been revised up to 200,000 for the prior week. Now, remember, these are pretty low numbers, but we also had the last two weeks be holiday weeks. So we could see a jump up in the weeks after that.
And that's Bloomberg's Michael McKee. U.S. labor productivity accelerated in the third quarter to the strongest pace in two years, adding to evidence that efficiency gains are suppressing inflationary pressures from wages, productivity, or non-farm employee output per hour, sorted a 4.9 percent annualized rate after an upwardly revised 4.1 percent advance in the second quarter. Also this morning, U.S. companies announced fewer layoffs last month while planning more hiring, potentially easing fears of a sharper slowdown in the labor market. Companies announced 35,553 job cuts in December, the lowest since July 2024, and down substantially from elevated readings in the prior two months. That's according to data from outplacement firm Challenger Gray and Christmas.
Additionally, employers laid out plans to add nearly 10,500 jobs, the highest for any December since 2022. We also heard this morning that the U.S. trade deficit unexpectedly narrowed in October to the smallest since 2009 on a sharp pullback in imports. The goods and services trade gap shrank 39 percent from the prior month to $29.4 billion. The report was delayed for over a month because of the federal government shutdown. Now let's get to the latest in Minneapolis with the city on edge following the fatal shooting of a woman by an immigration and customs enforcement officer. The governor called for people to remain calm and the city school district canceled all classes and activities as a safety precaution for the rest of the week.
State and local officials have demanded ICE leave the state after 37-year-old mother of three, Renee Nicole Macklin-Good, was shot in the head. But Homeland Security Secretary Kristi Noem said they're not going anywhere. Wendy Schiller, professor of political science at Brown University, says this could have political ramifications.
In public opinion, we see that Americans want border security, they want legal immigration process, but they don't like Trump's tactics. And I'm talking about You know, 63 percent or something like that disapprove, including Republicans and independents. So Republicans in Congress, again, have to be quite worried about the ripple effects. And that's Wendy Schiller at Brown University.
Federal officials call the killing an act of self-defense, but Minneapolis Mayor Jacob Frey dismissed that characterization as, quote, garbage.
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