U.S. Jobless Claims Fall to 194,000, Near 57-Year Low

U.S. initial claims for unemployment benefits fell by 6,000 to a seasonally adjusted 194,000 in the week ended October 17, the Labor Department reported Thursday, extending a six-week stretch in which claims remained at or below 200,000. The figure was near July’s 189,000, the lowest weekly level since 1969. The four-week average of initial claims, which smooths weekly fluctuations, declined by 1,000 to 197,750. The low number of new claims indicates that relatively few people are newly applying for benefits, but does not by itself show that employers are hiring broadly or that job seekers are finding work quickly. Other labor-market measures point to a slower pace of employment growth. Employers added 29,000 payroll jobs in September, following an increase of 133,000 in August, while the unemployment rate stood at 4.2%. About 1.94 million people had been unemployed for at least 27 weeks in September, accounting for 27.1% of unemployed workers, according to the Bureau of Labor Statistics. Continuing claims, which count people still receiving benefits after an initial week, rose by 25,000 to 1.728 million in the week ended October 10. They measure a different stage of benefit...