US Initial Jobless Claims Fall to Three-Month Low of 194,000

Applications for US unemployment benefits fell to a three-month low last week, underscoring the stability of the labor market.

Initial claims fell by 6,000 to 194,000 in the week ended Oct. 17, according to Labor Department data released Thursday. The median forecast of economists polled by Bloomberg called for 200,000.

Continuing claims, a proxy for the number of people receiving benefits, rose by 25,000 to 1.73 million in the previous week, a six-week high.

Initial claims have for weeks clung near levels not seen since the 1960s, even as businesses face mounting price pressures, including from soaring energy costs. While some high-profile companies such as online retailer eBay Inc. and grocery retailer Kroger Co. have announced large job cuts, there’s no sign of widespread layoffs.

The four-week moving average of new applications, a figure used to dampen volatility, fell last week to 197,750, the lowest since 2022.

Before adjusting for seasonal factors, initial claims fell by more than 19,000 last week. Ohio, Tennessee and California saw the largest declines.