US Unemployment Claims Near 57-Year Low - Sarmad
US unemployment claims fell to 194,000, below experts' expectations, amid geopolitical tensions with Iran.
Translated by Qiyas from سرمد — Original source
Data from the U.S. Department of Labor showed that the number of Americans filing new claims for unemployment benefits remained near a 57-year low last week.
The department said on Thursday that state unemployment insurance claims fell by 1,000 to 194,000, after seasonal adjustments, for the week ending October 24.
The figure came below the expectations of economists surveyed by Reuters, who had forecast 199,000 claims.
Claims have mostly remained below the 200,000 mark since mid-September, close to the 189,000 level recorded in mid-July, the lowest reading since 1969.
Economists say the U.S. labor market continues to operate under a “low hiring, low firing” pattern, with strong payrolls, supported by sustained domestic demand, keeping layoff rates near historic lows.
However, economists noted that the U.S.-Israeli war on Iran is making employers more hesitant to increase their workforce, contributing to keeping hiring pace limited despite the decline in job losses.
The report also showed that the four-week moving average of unemployment claims, an indicator that smooths out weekly fluctuations, fell to 196,750, reinforcing the view that layoff pressures remain modest.
