U.S. weekly initial jobless claims edge down to 197,000

Investing.com - The number of Americans filing for first-time unemployment benefits inched down last week, but remained within a recent range, suggesting ongoing resilience in the U.S. labor market despite employer caution around increasing hiring.

Initial jobless claims stood at 197,000 in the week ending October 3, a decline of 2,000 from the prior week and lower than expectations of 200,000.

Over a four-week average, which accounts for volatility in the weekly figure, jobless claims dipped to 198,000 from 200,500.

Continuing claims, a hiring proxy that measures the amount of people receiving unemployment benefits after an initial week of aid, edged up to 1.716 million in the week ending on September 26. The previous week’s number was revised down to 1.699 million from 1.701 million.

Thursday’s data set from the Labor Department offers one of the first glimpses into the job market after a reading of nonfarm payrolls in September came in well below expectations, while the unemployment rate inched higher to 4.2%.

The Federal Reserve is now anticipated to keep interest rates unchanged at its next meeting this month, although markets are wagering that the central bank could hike borrowing costs in December to help quell inflationary pressures. Signs of a persistently solid labor market could give officials more headroom to lift rates for the second time this year.

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