US initial jobless claims rose to 231,000 in the week ending 2 November 2025, the Labor Department said, modestly above forecasts of 220,000. Continuing claims also ticked higher, signaling a gradual cooling in labor-market momentum. Economists said the increase, while not alarming, reinforces views that the Federal Reserve may begin trimming rates by early 2026 to sustain growth. Equity markets rallied on the data, while Treasury yields slipped. Analysts cautioned that seasonal distortions could affect readings but noted that broader hiring indicators suggest easing pressure on wages and inflation.