US Unemployment Claims Fall to 194,000
US initial jobless claims came in at 194,000 versus expectations of 200,000, while continuing claims rose to 1.728 million.
US weekly jobless claims fell to 194,000 in the week ended October 17, compared to expectations of 200,000, according to Trading Economics data.
Continuing claims reached 1.728 million in the week ended October 10, compared to expectations of 1.720 million, while the four-week moving average for new claims recorded 197,750.
In the housing market, the average 30-year mortgage rate dropped to 7.32% from 7.40%, while the 15-year mortgage rate stood at 6.68% compared to 6.71% in the previous reading.
This data comes ahead of the Federal Reserve meeting on October 27 and 28, amid anticipation of the monetary policy path. The decline in claims indicates relative resilience in the labor market, while the rise in continuing claims reflects the difficulty of returning some beneficiaries to work.
What do these terms mean?
Jobless Claims: The number of people who filed new claims for unemployment benefits during a week, used as an indicator of labor market health.
Continuing Claims: The number of people who continue to receive unemployment benefits after filing their initial claim.
Four-Week Average: The average of weekly claims over four weeks, used to reduce the impact of seasonal fluctuations.
Mortgage: A long-term loan used to purchase real estate, repaid in installments with interest.
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