US weekly initial jobless claims held near a 57-year low as the labor market
shows resilience. The Labor Department said seasonally adjusted initial claims
fell 1,000 in the week ended Oct. 24 to 194,000, versus economists’ 199,000
estimate. Claims have mostly stayed below 200,000 since mid-September and remain
close to the July mid-month trough of 189,000, the lowest reading since 1969.
Economists say the market is characterized by low hiring and low layoffs;
resilient domestic demand and strong corporate profits have kept layoffs near
historic lows, though the U.S.-Israel war against Iran is making employers more
cautious about expanding payrolls.
