There were 6,000 fewer initial claims for unemployment last week than the previous week, with multiple media reports saying the labor market remains about as steady as it has been since the 1960s.
There were 194,000 initial claims for unemployment insurance during the week ended Saturday (Oct. 17), a figure that was 6,000 lower than the previous week’s revised level. The previous week’s level was revised up by 1,000 to 200,000, the Department of Labor (DOL) said in a Thursday (Oct. 22) press release.
The four-week moving average of 197,750 initial claims was 1,000 lower than the previous week’s revised average. The previous week’s average was revised up by 250 to 198,750.
Bloomberg reported Thursday that the number of initial claims filed during the week was the lowest in three months, and close to the lowest levels seen since the 1960s, pointing to stability in the labor market.
The figure was lower than the 200,000 that had been forecast by economists, according to the report.
Bloomberg economist Eliza Winger said in the report: “Jobless claims continued to signal limited layoffs in the survey week for October payrolls. Recent announcements suggest AI is beginning to reduce staffing needs in some industries, but broader evidence of AI-driven layoffs remains limited.”
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Reuters reported Thursday that the number of initial claims announced by the DOL is near 57-year lows. The number showed a low number of layoffs and suggested that job growth had picked up a bit after being stagnant in September, according to the report.
Economists said the number of layoffs was being kept low because the available workforce is smaller due to retirements and a crackdown on immigration, per the report.
Economists polled by Reuters had expected the DOL to announced 200,000 initial claims, the report said.
The DOL also reported Thursday that during the week ended Oct. 10, the insured unemployment rate was 1.1%, unchanged from the previous week’s unrevised rate.
The insured unemployment number for that week was 1,728,000, which was 25,000 higher than the previous week’s revised level. The previous week’s level was revised down by 7,000 to 1,703,000, according to the release.
The four-week moving average of 1,711,000 was 4,000 higher than the previous week’s revised average. The previous week’s average was revised down by 1,750 to 1,707,000.
The states reporting the greatest increases in initial claims during the week ended Oct. 10 were Ohio and Tennessee. Ohio, which had 3,918 more initial claims, attributed the rise to layoffs in the manufacturing industry. Tennessee, which had 3,477 more initial claims, cited layoffs in the educational services and manufacturing industries.
No state reported a decrease of more than 1,000 initial claims during that week, according to the release.
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