Weekly Jobless Claims Dip to 197,000 in Latest Report
Initial unemployment claims fell by 1,000 to 197,000 for the week ending Sept. 19, signaling continued labor market resilience.
First-time applications for unemployment benefits edged down to 197,000 for the week ending September 19, a decline of 1,000 from the prior week's upwardly revised level, the Department of Labor reported Thursday.
The previous week's initial claims figure was revised higher by 2,000, moving from an originally reported 196,000 to 198,000, tempering the week-over-week improvement slightly. Revisions of this magnitude are routine in the DOL's advance estimates and reflect incoming state-level data.
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The four-week moving average, a smoother gauge of underlying labor demand that filters out week-to-week volatility, fell to 202,250 — a drop of 1,750 from the prior week's revised average of 204,000. That revised average itself was nudged up by 750 from the initially published 203,250.
The persistently low claims readings underscore a job market that has remained tight even as the Federal Reserve has held interest rates at elevated levels in its effort to bring inflation to heel. Claims near the 200,000 level historically reflect robust employer retention rather than widespread layoffs.
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