US initial jobless claims hold near 199,000 in week to October 10
The US Labor Department reported 199,000 initial jobless claims for the week ended October 10, seasonally adjusted, with the four-week average at 198,500.
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what happened
The US Labor Department reported that initial claims for unemployment benefits in the week ended October 10 came to 199,000 on a seasonally adjusted basis. The four-week average stood at 198,500, while the unadjusted figure for initial claims was 190,626.
The prior week's data was revised. Initial claims for the week ended October 3 were lifted to 198,000 from 197,000, and continued claims for the week ended September 26 were trimmed to 1,714,000 from 1,716,000. The insured unemployment rate held at 1.1%. Economists had expected 200,000 initial claims and 1.710 million continued claims.
why it matters
Steady readings suggest the US labor market remains firm, with no sign of a sharp rise in layoffs. Traders will treat this as background ahead of the next Federal Reserve decision and upcoming employment releases.
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