Jobless claims fall to 197,000 as layoffs remain low

U.S. jobless claims stayed near the lowest levels in 57 years for a fourth straight week, underscoring that layoffs remain historically limited even as hiring cools. Initial claims for state unemployment benefits fell 2,000 to 197,000 for the week ended October 3, the Labor Department said October 8. Economists had expected 200,000. Claims have been under 200,000 since early September. The four-week moving average dropped 2,500 to 198,000, its lowest since October 2022. Only California and Illinois saw unadjusted applications rise by more than 1,000. Employers are holding workers but hesitate to hire; Fed minutes signaled stable labor conditions, while officials debate rate risks.