US job market steady as weekly claims fall to 197,000
Business
The US job market is still holding steady, with weekly jobless claims falling to 197,000 last week, lower than experts predicted.
Even though hiring only ticked up slightly in September, fewer people are filing for unemployment, showing that layoffs remain rare despite all the economic uncertainty.
Low-hire low-fire amid retirements, tighter immigration
Right now, the vibe is "low-hire, low-fire." Fewer people are joining or leaving jobs because of retirements and tighter immigration rules.
Employers aren't rushing to hire thanks to rising costs (like diesel prices) and global tensions.
Plus, more people are staying unemployed longer (continued claims just hit 1.716 million and the typical person is out of work for almost three months), making it tough for anyone hunting for a new gig right now.