U.S. Jobless Claims Fall to 197,000 for Fourth Straight Week

The Labor Department reported that U.S. initial jobless claims fell by 2,000 to a seasonally adjusted 197,000 for the week ended October 3, keeping claims below 200,000 for a fourth consecutive week. The figure points to continued low levels of layoffs even as hiring has slowed. The latest total was below the 200,000 claims economists had forecast, according to the reports. The four-week moving average, which smooths weekly swings, declined to 198,000. The Labor Department’s figures are based on claims filed for unemployment benefits and are used as an indicator of layoffs. The low claims count contrasts with weaker hiring data. Employers added 29,000 jobs in September, compared with 133,000 in August, according to the September employment report. September’s gain was also below the 84,000 increase economists had forecast. The combination has been described by economists as a low-hire, low-fire labor market: employers are retaining workers but adding staff cautiously. Other measures point to challenges for people who are unemployed. Continued claims, tracking people receiving benefits beyond their first week, rose by 17,000 to 1.