U.S. Jobless Claims Fall to 189,000 as Layoffs Stay Low
New unemployment-benefit claims fell by 6,000 last week, while the number receiving ongoing benefits rose.
Fewer Americans applied for unemployment benefits last week, with new claims falling to 189,000 as layoffs remained low.
The Labor Department said Thursday that seasonally adjusted initial claims fell by 6,000 in the week ending October 31. The previous week's figure was revised up by 1,000 to 195,000.
The latest reading matched the level reached in mid-July, which was the lowest since 1969, Reuters reported. Initial claims measure applications for unemployment insurance and are closely watched as a gauge of layoffs.
The four-week moving average, which smooths out weekly swings, declined by 2,250 to 194,750. That followed an upward revision to the previous week's average.
The number receiving benefits after an initial week of aid rose by 23,000 to 1.718 million in the week ending October 24. Those continuing claims cover a different reporting week and offer a separate view of how quickly unemployed workers are finding jobs.
The insured unemployment rate held at 1.1%. That figure applies to workers covered by unemployment insurance and is not the national unemployment rate. Thursday's figures are advance estimates and may be revised.