US unemployment claims fall to 194,000, job market holding steady
Unemployment claims in the US just dropped to 194,000, the lowest since mid-July, according to the Labor Department.
The four-week average also dipped, and layoffs are still pretty rare.
All this points to a job market that's holding steady even as things slow down a bit.
Hiring slows as economists expect 55,000
Jobless claims have stayed under 230,000 every week this year and have been at or below 200,000 for seven consecutive weeks, a sign that companies aren't rushing to let people go.
While hiring has cooled (only 29,000 jobs added last month compared to a monthly average of 68,000), consumer spending has continued to support economic activity and rising investment in artificial intelligence projects is helping keep things afloat.
Economists expect the October jobs report (out November 6) will show around 55,000 new jobs added as investors await the October employment report, due on November 6, for a clearer picture of labor market conditions.