US Jobless Claims Fall to 194,000, Near 57-Year Low

Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted 194,000 for the week ended October 17, the Labor Department said Thursday, keeping claims near a 57-year low and signaling a stable labor market with low layoffs. The reading came in below the 200,000 forecast by Reuters-polled economists and sits within striking distance of the 189,000 level touched in mid-July, the lowest since 1969. Continuing claims rose 25,000 to 1.728 million for the week ended October 10. Payrolls increased by 29,000 in September after a 133,000 rebound in August, with hiring held back by war-related uncertainty and import tariffs. Economists expect the Federal Reserve to hold rates at its meeting next week and hike again in December, after raising the benchmark rate by 25 basis points in September to 3.75%-4.00%.