The U.S. Department of Labor (DOL) said seasonally adjusted initial claims fell to 194,000 for the week ended Oct. 24, staying at or below 200,000 for a seventh consecutive week as unadjusted filings rose.
The adjusted total was down 1,000 from the prior week's revised figure. The department had initially reported 194,000 for that week before lifting its estimate to 195,000. EconoTimes' account of the week ended Oct. 17 covered the earlier reading.
Reuters reported that economists in its poll had expected 199,000 initial claims, above the reported total. That estimate came from the poll, not the Labor Department's release.
Unadjusted claims reached 178,851 after rising by 5,648, or 3.3%. The DOL said seasonal factors pointed to a larger increase of 6,040, or 3.5%. The two measures moved in opposite directions during the week.
The four-week average, which smooths weekly movements, fell by 1,250 to 196,750. The previous average was revised to 198,000 from 197,750. Insured unemployment for the week ended Oct. 17 came to a seasonally adjusted 1.701 million, down 21,000 from a revised 1.722 million.
The DOL's historical series also lists an initial-claims reading of 189,000 for the week ended July 18. An initial claim records a worker's first request for unemployment benefits after leaving a job. The department follows the weekly tally as a labor-market gauge, while cautioning that its administrative records fluctuate and seasonal effects are hard to separate.
Reuters reported that economists it cited linked low layoffs to strong profits and resilient domestic demand. They also said the U.S.-Israeli war with Iran was making employers hesitant to add staff.
The September employment report from the Bureau of Labor Statistics (BLS) showed payrolls rising by 29,000 and the unemployment rate at 4.2%. The report found no major shift in employment across the principal industries. The BLS is scheduled to publish its October Employment Situation report Nov. 6 at 8:30 a.m. ET.
