US weekly jobless claims near 57-year lows as layoffs remain low
SPY•Initial US jobless claims fell 6,000 to 194,000 in the week ended October 17, while the four-week average dropped to 197,750, its lowest level since 1969. Continuing claims rose 25,000 to 1.728 million.
1. Claims stay low
Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted 194,000, below economists’ 200,000 forecast. Claims remained at or below 200,000 for a sixth consecutive week. The four-week average fell 1,000 to 197,750, its lowest level since 1969.
2. Hiring remains sluggish
Continuing claims, a proxy for hiring, increased 25,000 to 1.728 million in the week ended October 10. The claims data covered the survey period for October’s nonfarm payrolls report; the decline in the four-week average between September and October’s survey weeks suggested a possible pickup in payrolls. Financial markets were little moved by the data.
