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The
Labor Department reported Thursday that initial jobless claims
were down last week from a revised 195,000 the week before. The
four-week average of claims, which strips out week-to-week
volatility, fell to 196,750.
Applications for jobless benefits are a proxy for layoffs, and
economists watch them closely because they can provide signs of
where the job market is headed. So far this year, claims have
remained at historically low levels, never topping 230,000 in a
single week. They've come in at or below 200,000 for seven
straight weeks.
So far this year, employers — companies, government agencies and
nonprofits — have been adding an average of 68,000 jobs a month,
including a disappointing 29,000 last month. That is an
improvement on a lackluster 2025 when monthly job creation
averaged 9,700 as high interest rates and President Donald
Trump’s unpredictable trade policies discouraged hiring.
Consumer spending has remained resilient and a surge in
investment in artificial intelligence has lifted economic
growth.
The Labor Department will release hiring numbers for October
next Friday Nov. 6. They are expected to show that the economy
added 55,000 jobs this month, according to a survey of
forecasters by the data firm FactSet.
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