Initial US jobless claims fall to lowest since July, continuing claims drop to a three-year low

Odaily reports: US initial jobless claims edged down to the lowest level since July, while continuing claims fell to a three-year low, indicating that the labor market remains healthy. Continuing claims decreased by 11,000 to 1.7 million, the lowest since March 2023. Over the past few months, initial jobless claims have hovered near historic lows, suggesting that businesses are reluctant to cut staff amid solid economic activity.

Meanwhile, hiring has become more cautious. The government's nonfarm payrolls report due on Friday is expected to show the unemployment rate held at 4.1% in September. The four-week moving average of initial claims fell to 200,000, a seven-week low. Without seasonal adjustments, initial claims declined in most states, including Hawaii, Georgia, and Texas. (Jinshi)