The U.S. labor market continues to demonstrate resilience, with Initial Jobless Claims coming in at 217,000, beating the expected 224,000 and the previous 221,000. This positive data suggests that the economy remains robust despite broader macroeconomic headwinds.

The Producer Price Index (PPI) for October showed a year-over-year growth of 2.4%, surpassing the 2.3% estimate and the prior 1.8% reading. Core PPI, which excludes volatile food and energy prices, also came in stronger than expected at 3.1% versus the 3.0% estimate and the previous 2.8% figure.

On a month-over-month basis, PPI increased by 0.2%, in line with expectations, while Core PPI ticked up 0.3%, slightly higher than the 0.2% forecast.