US initial jobless claims fell 2,000 to 197,000 in the week ended Oct. 3, the
Labor Department said, staying near 57-year lows for a fourth straight week and
consistent with economists' characterization of a 'low hiring, low layoffs'
labor market. Nonfarm payrolls rose just 29,000 in September; economists cited
weak hiring and a smaller labor supply from retirements and tighter immigration
as constraints on job growth, while historically low layoffs continue to support
the market. Continuing claims increased 17,000 to 1.716 million (seasonally
adjusted). Median duration of unemployment was 11.5 weeks, near a 4.5-year high.
