US weekly jobless claims rise marginally as layoffs remain low
SPY•Initial US jobless claims rose 1,000 to 199,000 in the week ended October 10, below economists’ forecast of 200,000. Continuing claims fell 4,000 to 1.710 million.
1. Initial claims edge up
Initial claims for state unemployment benefits rose 1,000 to a seasonally adjusted 199,000 in the week ended October 10. It was the fifth consecutive week claims remained below 200,000, a pattern economists described as consistent with a “low-hire, low-fire” labor market.
2. Continuing claims fall
Continuing claims, a proxy for hiring, fell 4,000 to a seasonally adjusted 1.710 million in the week ended October 3. The report noted that the measure excludes some people who are ineligible for benefits or have exhausted their eligibility; the median duration of unemployment was 11.5 weeks in September, near a 4-1/2-year high, while the unemployment rate was 4.2%.
