US initial jobless claims come in at 194K, below the 198K forecast
The count matches the prior week's 194K and is the fourth reading in a row under 200K.
Chart: US initial jobless claims
US initial jobless claims were 194K in the week ending October 25, below the 198K economists expected and the same as the week before. It is the fourth straight reading under 200K.
The run has repeatedly come in under forecasts. That cuts against the idea that scrutiny of visa programmes, or the earlier rise in continuing claims, is starting to show up as new layoffs.
For the Federal Reserve, the labour side of its reasoning stays where it was. Nothing in these numbers gives it a reason to lean toward a rate cut.
The figure to watch is continuing claims, which count people still receiving benefits. That series, not initial filings, has been the one showing gradual softening, and the question is whether its recent rise goes on.
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