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US weekly jobless claims at 199,000, fifth straight week below 200,000
Initial claims edged up to 199,000 in the week ended Oct 10, below economists' expectations; continuing claims fell to 1.71 million.
Why it matters
The U.S. Labor Department reported Thursday that initial jobless claims rose by 1,000 to a seasonally adjusted 199,000 in the week ended October 10 — the fifth straight week below 200,000, a sign layoffs remain low.
Full report
Economists polled by Reuters had expected 200,000 claims. Continuing claims fell by 4,000 to 1.71 million.
The Federal Reserve's Beige Book, released Wednesday, described the labor market as little changed, consistent with the claims data. Low filings suggest businesses remain reluctant to cut staff despite the economic slowdown.
Background
Jobless claims are a weekly high-frequency gauge of the labor market. Markets will watch next week's figures for signs of further cooling.
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