US Jobless Claims Fall to Three-Month Low

U.S. initial jobless claims fell by 6,000 to 194,000 for the week of Oct. 11-17, the Labor Department said on Oct. 22. The total was a three-month low, the lowest since July, and came in below the 200,000 expected by economists in a Bloomberg survey. The prior week's figure was revised up to 200,000 from 199,000. The four-week moving average, which smooths weekly swings, fell 1,000 to 197,750. Continuing claims rose 25,000 to 1.728 million for the week of Oct. 4-10, reaching a six-week high. Claims have not topped 230,000 in any week this year. Coverage describes low layoffs and a low-hire, low-fire labor market, even as unemployment edged up to 4.2% last month and employers have added an average of 68,000 jobs per month this year. Sources cite energy price increases after military conflict with Iran began Feb. 28. The Fed raised its benchmark by 25 basis points last month to 3.75%-4.00% and holds its FOMC meeting Oct. 27-28, with markets widely expecting a hold while it monitors price and employment data. CONTESTED: none found on the claims totals, revisions, or averages.