US jobless claims hover near 57-year low for fourth consecutive week
SPY•New U.S. jobless claims fell 2,000 to 197,000 in the week ended October 3, remaining below 200,000 for a fourth consecutive week. Continuing claims rose 17,000 to 1.716 million.
1. Claims remain low
Initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 197,000, below economists’ forecast of 200,000. The four-week moving average dropped 2,500 to 198,000, its lowest level since early October 2022.
2. Hiring remains tepid
Nonfarm payrolls increased by 29,000 jobs in September. Continuing claims, a proxy for hiring, rose 17,000 to 1.716 million in the week ended September 26. Some economists said the still-low level of continuing claims may mask gradual labor-market weakening, as some job seekers are ineligible for benefits or may have exhausted their eligibility.
