US Jobless Claims Fall to 197,000 in Early October Week
Initial unemployment claims dipped 2,000 to 197,000 for the week ending Oct. 3, keeping the labor market on firm footing.
First-time applications for unemployment benefits edged lower last week, signaling continued resilience in the US labor market. Seasonally adjusted initial claims totaled 197,000 for the week ending October 3, a decline of 2,000 from the prior week's revised figure, the Department of Labor reported.
The previous week's reading was revised upward by 2,000, from an initial print of 197,000 to 199,000, a routine adjustment that slightly tempered the headline improvement. Despite the revision, the overall trend remains near historically low levels.
Read more Zillow: Pending Home Sales Drop 8.5% in September Slowdown →
The four-week moving average, a smoother gauge that irons out week-to-week volatility, fell to 198,000 — down 2,500 from the prior week's revised average of 200,500. That prior average had itself been nudged up by 500 from the originally reported 200,000, underscoring the modest upward pressure seen in recent revisions.
The sub-200,000 claims environment reflects a labor market in which employers have shown little appetite for large-scale layoffs, even as the Federal Reserve has maintained elevated interest rates to combat inflation. Analysts broadly view sustained readings below 200,000 as consistent with a healthy jobs backdrop. Continue reading at DOL News Releases and Briefs.
