US weekly jobless claims at 57-year lows amid low layoffs
SPY•Initial US jobless claims fell 6,000 to 189,000 in the week ended October 31, matching a level last reached in mid-July 1969. Employers announced 43,994 job cuts in October and plans to hire 444,692 workers.
1. Claims remain low
Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted 189,000 in the week ended October 31, the Labor Department said. The figure matched the lowest reading since 1969 and was below economists’ forecast of 196,000; claims have mostly remained below 200,000 since mid-September.
2. October hiring plans
Employers announced 43,994 job cuts in October, up 2% from September, according to Challenger, Gray & Christmas data. Layoffs were the lowest for any October since 2023, while planned hiring rose 57% from October 2025 to 444,692, the highest for any October since 2009. The firm’s chief revenue officer, Andy Challenger, said hiring plans were largely for short-term seasonal work.
3. Continuing claims rise
Continuing claims increased 23,000 to a seasonally adjusted 1.718 million in the week ended October 24. The article said low layoffs were supporting the labor market, while uncertainty was constraining hiring and some unemployed people were experiencing long periods without work.
