Morning Business Report: New unemployment claims hit three-year low as mortgage market hesitates and major cheese recall issued

New data from the U.S. Labor Department shows unemployment claims dropped by 27,000 in the final week of November, pushing filings to their lowest level in three years.

(LILAMAX)- New data from the U.S. Labor Department shows unemployment claims dropped by 27,000 in the final week of November, pushing filings to their lowest level in three years. The numbers will be a key factor in next week’s Federal Reserve meeting, where policymakers are expected to discuss potential rate cuts.

Despite last week’s dip in mortgage rates, would-be homebuyers didn’t rush into the market. Mortgage applications slipped 1.4 percent from the week before, and refinancing applications fell 4 percent. Still, overall mortgage activity for 2025 is up 3 percent, according to the Mortgage Bankers Association. The average 30-year mortgage rate now sits at 6.19 percent. Economists say buyers may be holding out until rates fall below 6 percent — a possibility if the Fed lowers borrowing costs next week, which could spark a late-year buying surge.

Great Lakes Cheese is recalling several shredded cheese products sold under the “Happy Farms,” “Hill Country,” and “Great Value” brands due to a risk of metal fragments. The items were distributed to Target, Aldi, Walmart, and H-E-B stores across more than 30 states.

Meanwhile, Amazon is preparing to reduce its reliance on the U.S. Postal Service as the parcel market continues to grow, The Washington Post reports. With parcel volume projected to reach $240 billion by 2030, Amazon — USPS’s largest customer — is moving to take on more of its own deliveries. The company currently accounts for one-third of all packages handled by the Postal Service, generating around $4 billion a year. The USPS reported a $9 billion loss in 2024.