U.S. Initial Jobless Claims Drop to Lowest Since July, Continuing Claims Hit Three-Year Low

Odaily Planet Daily News: U.S. initial jobless claims slightly fell to the lowest level since July, while continuing claims dropped to a three-year low, indicating that the labor market remains healthy. Continuing claims decreased by 11,000 to 1.7 million, marking the lowest level since March 2023. Over the past few months, initial jobless claims have hovered near historic lows, suggesting that businesses are reluctant to lay off employees amid steady economic activity. Meanwhile, hiring has become more cautious. The government is set to release the nonfarm payroll report on Friday, which is expected to show that the unemployment rate remained at 4.1% in September. The four-week moving average of initial jobless claims fell to 200,000, a seven-week low. Without seasonal adjustments, initial jobless claims declined in most states, including Hawaii, Georgia, and Texas. (Jin10)