US Initial Jobless Claims Edge Up to 199,000 Last Week
First-time US unemployment benefit claims rose to 199,000 in the week ended October 10, slightly above the revised prior week and below the 200,000 economists had expected.
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what happened
The US Labor Department reported that first-time claims for unemployment benefits rose slightly in the week ended October 10. Initial claims reached 199,000, up 1,000 from a revised 198,000 the previous week. Economists had forecast 200,000, compared with the originally reported 197,000 for the prior week.
The smoother four-week moving average also ticked higher, to 198,500, up 250 from the revised average of the previous week. Continuing claims, which count people receiving ongoing benefits, fell by 4,000 to 1.710 million in the week ended October 3.
why it matters
Jobless claims have been nearly unchanged for several weeks, staying modestly above the multi-decade low of 189,000 recorded in the week ended July 18. Low layoff levels point to a steady labor market, which matters for expectations about Federal Reserve interest rate policy and for moves in the dollar and US Treasury yields.
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