US weekly jobless claims fall to 197,000, below forecasts

Mixed · 2The US Labor Department said on Thursday that first-time unemployment benefit claims fell to 197,000 in the week ending Oct. 3, down 2,000 from the previous week. 1 2 Mixed · 2The figure was below the market forecast of 200,000, and the previous week's reading was revised up by 2,000 to 199,000. 1 2 Mixed · 2The four-week moving average of claims fell to 198,000. Anadolu Agency reports it declined by 2,500, and Breitbart says that level was last seen twice in 2022 and, before that, in 1969. 1 2

Mixed · 2Continuing claims, which count people already receiving benefits, rose by 17,000 to a seasonally adjusted 1.716 million in the week ending Sept. 26. 1 2 Centre · 1Anadolu Agency adds that the prior week's continuing claims were revised down by 2,000 to 1.699 million, and that the four-week average for continuing claims fell by 12,250 to 1.711 million. 1 Centre · 1Anadolu Agency notes that the economy added only 29,000 nonfarm jobs in September, well below the 90,000 forecast, and that the unemployment rate rose to 4.2% from 4.1% in August. 1

Right · 1Breitbart says claims have been near their lowest levels in 57 years for several weeks. It describes a strong economy despite persistent inflation and higher gasoline prices tied to the Iran war, with employers holding on to workers as the labor force grows slowly. 2 Right · 1Breitbart also cites minutes of the Fed's September meeting, which showed officials view the labor market as "close to maximum employment". 2