US Jobless Claims Dip to 197,000 in Early October
Initial unemployment claims fell 2,000 to 197,000 in the week ending Oct. 3, while the four-week average also declined.
First-time unemployment claims edged down to 197,000 in the week ending October 3, a decrease of 2,000 from the prior week's revised level, the Department of Labor reported. The prior week's figure was revised upward by 2,000, from 197,000 to 199,000.
The four-week moving average, a less volatile measure widely watched by economists, fell to 198,000, dropping 2,500 from the previous week's revised average. That prior average was itself revised up by 500, from 200,000 to 200,500, reflecting routine data adjustments.
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The reading keeps initial claims near historically low levels, suggesting the labor market continues to absorb economic pressures without a significant surge in layoffs. Weekly claims figures below 300,000 are generally viewed by analysts as consistent with a healthy jobs environment.
The modest week-over-week decline offers the latest signal that employers have largely held onto workers even as the Federal Reserve has maintained elevated interest rates to combat inflation. Labor market resilience has been a defining feature of the broader US economic picture heading into the final quarter of 2024.
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