Key facts
- New jobless claims fell to 194,000, near a 57-year low.
- Continuing claims rose to 1.728 million.
- The labor market is viewed as being in a 'low-hire, low-fire' state.
The number of Americans filing new claims for unemployment benefits dropped to near 57-year lows last week, pointing to low layoffs and labor market stability. 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 on Thursday. Economists polled by Reuters had forecast 200,000 claims for the latest week. Claims are within striking distance of the 189,000 level touched in mid-July, which was the lowest reading since 1969. The claims data covered the period during which the government surveyed business establishments for the nonfarm payrolls component of October's employment report. The report showed the number of people receiving unemployment benefits after an initial week of aid increased 25,000 to a seasonally adjusted 1.728 million during the week ended October 10.