Applications for US unemployment benefits dropped last week to the lowest since July, suggesting layoffs remain rare across a broadly stable labor market.
Initial claims edged down 1,000 to 197,000 in the week ended Sept. 19, according to Labor Department data released Thursday. That's one of the lowest readings since 1969.
Photo Credit: Bloomberg
Continuing claims, a proxy for the number of people receiving benefits, were little changed at 1.72 million in the week ended Sept. 12, hovering close to the lowest level since 2023.
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Initial claims have hovered near historically low levels for the past few months, with companies hesitant to dismiss workers. At the same time, hiring has been uneven, presenting limited opportunities for Americans who feel trapped in their jobs or on the sidelines.
The four-week moving average of new applications, a metric that helps smooth out volatility, declined to 202,250 — a six-week low.
Before adjusting for seasonal factors, initial claims rose. That was led by increases in California, Hawaii and New York.
What Bloomberg Economics Says...
“Initial jobless claims remained exceptionally low in mid-September, pointing to stable labor-market conditions. The few industries that are shedding workers appear focused on efficiency gains, while we've yet to see signs that higher interest rates are driving layoffs, even in the most rate-sensitive sectors of the economy.” — Eliza Winger
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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