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A decline in new applications for unemployment benefits offered further evidence of labor-market resilience ahead of the October jobs report.
Initial jobless claims fell by 6,000 to 189,000 for the week ending Oct. 31, according to Department of Labor data released on Nov. 5.
The lower-than-expected reading matched the 57-year low logged this past summer.
Stripping out week-to-week volatility, the four-week claims average slipped below 195,000.
Despite economic headwinds, steady consumer demand and healthy corporate profits have supported many employers, helping limit layoffs this year. Many companies have refrained from trimming headcount, as shown by new job-cut numbers.
October layoffs were the lowest for the month since 2023, as U.S.-based firms announced fewer than 44,000 job cuts, according to global outplacement organization Challenger, Gray and Christmas. That was down 71 percent from a year earlier and below the 10-year October average of 56,348….
Initial jobless claims fell by 6,000 to 189,000 for the week ending Oct. 31, according to Department of Labor data released on Nov. 5.
The lower-than-expected reading matched the 57-year low logged this past summer.
Stripping out week-to-week volatility, the four-week claims average slipped below 195,000.
Despite economic headwinds, steady consumer demand and healthy corporate profits have supported many employers, helping limit layoffs this year. Many companies have refrained from trimming headcount, as shown by new job-cut numbers.
October layoffs were the lowest for the month since 2023, as U.S.-based firms announced fewer than 44,000 job cuts, according to global outplacement organization Challenger, Gray and Christmas. That was down 71 percent from a year earlier and below the 10-year October average of 56,348….
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