US initial jobless claims fell by 6,000 to 189,000 in the week ending 31 October, seasonally adjusted, the US Department of Labor said on Thursday. The level is the lowest in 57 years. Economists polled by Reuters had expected 196,000 claims.
The figure fell below the 200,000 mark that claims have generally stayed under since mid-September. It also matches the mid-July reading of 189,000, which was the lowest since 1969.
Layoffs stay low as hiring stalls
Low layoffs are anchoring the labour market, which analysts link to strong domestic demand and profit growth. Hiring, however, remains constrained by uncertainty around the prolonged US-Israel war against Iran.
Job openings per unemployed person edged up to 1.06 in September from 1.02 in August. The US unemployment rate stood at 4.2 percent in September.
Questions over what the low figure signals
Some economists read the low claims as reflecting a smaller labour force amid stricter immigration measures, rather than fewer layoffs.
The jobless claims report does not feed into the October jobs report due Friday. The survey reference period for that release falls outside the week covered here.
Source: US Department of Labor | Data: FRED — St. Louis Fed
