U.S. Claims Fall as Layoffs Ease and Hiring Stays Weak

Initial applications for U.S. unemployment benefits fell to 197,000 in the week ended September 26, while planned layoffs at U.S.-based employers declined in September, according to government and private-sector reports. The indicators point to limited job losses but do not show a broad recovery in hiring, which remained weak by recent measures. The Labor Department said seasonally adjusted initial claims fell by 1,000 from the previous week’s revised level. The result was below the 200,000 claims economists had forecast in a poll cited in reports. A four-week moving average also declined, to 200,000, according to the Labor Department figures reported this week. Separately, Challenger, Gray & Christmas reported that employers planned 43,281 layoffs in September, 18% fewer than in August and 20% below the same month a year earlier. Those figures count announced plans, not necessarily completed job cuts. The firm also reported 90,787 planned hires in September, up from 12,325 in August but down 23% from a year earlier. The September total was the lowest for that month since 2011.