Applications for US unemployment benefits fell slightly last week to the lowest level since July, showing layoffs remain limited across the job market.
Initial claims eased 2,000 to 197,000 in the week ended Oct 3., according to Labor Department data released Thursday. It marked the fourth straight week that applications have been below 200,000.
Initial claims remain near the lowest levels since the 1960s. Taken together with more moderate payrolls growth in September, the subdued number filings points to a labor market in which employers are retaining workers while staying cautious about expanding headcount amid rising costs.
The four-week moving average of new applications, a metric that helps smooth out volatility, fell to 198,000 last week, the lowest since September 2022.
Before adjusting for seasonal factors, initial claims rose nearly 12,000 last week. The increase was led by California, Illinois and New York.
Continuing claims, a proxy for the number of people receiving benefits, rose to 1.72 million in the previous week.