The U.S. labor market remains sturdy as fewer layoffs keep weekly unemployment claims near historically low levels, government data show.
Initial jobless claims—the number of Americans filing applications for unemployment benefits—dipped by 2,000 to 197,000 for the week ending Oct. 3, according to a report released by the Department of Labor on Oct. 8.
The lower-than-expected reading marked the fourth consecutive week with claims below 200,000.
Stripping out week-to-week volatility, the four-week average slowed to 198,000, from 200,500.
Employment conditions continue to be resilient as companies stay reluctant to trim payrolls, supporting one half of the “low-fire, low-hire” description of today’s labor market.
Planned job cuts fell 20 percent year over year in September, with 43,281 announced layoffs. This was the lowest total for the month since 2022….