US Jobless Claims Fall Fifth Straight Week

Initial U.S. jobless claims fell by 2,000 to 197,000 in the week ending Oct. 3, below economists’ expectations of 200,000 and marking a fifth consecutive weekly decline. The four-week average also fell to 198,000, reinforcing signs of persistently low layoffs in a labor market where hiring remains sluggish. Continuing claims rose by 17,000 to 1.716 million, suggesting that some job seekers may be taking longer to find work. The data point to a resilient, low-hire, low-fire job market, while the claims figures add to debate over the Federal Reserve’s next steps on interest rates and inflation.