U.S. jobless claims fell by 6,000 to a seasonally adjusted 194,000 in the week ended Oct. 17, nearing a 57-year low as hiring remained weak and layoffs stayed low.
The Labor Department said the previous week’s figure was revised up to 200,000, making the latest figure 6,000 lower. The latest figure was also below economists’ forecast of 200,000. The four-week average, which reduces the effect of week-to-week changes, edged down to 197,750.
Claims remained close to the 189,000 recorded in mid-July, the lowest level since 1969. The latest figures cover the period when businesses were surveyed for October’s jobs report. September payrolls increased by just 29,000, showing that low layoffs had not been matched by strong hiring.
The number of people still receiving benefits after an initial week of claims rose by 25,000 to 1.728 million for the week ended Oct. 10. Together, the figures suggest employers are keeping their workers while job growth remains modest. Claims data alone do not show how easily unemployed people are finding new work.