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DOL Data Shows Jobless Claims Drop to Near 1960s Lows

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DOL Data Shows Jobless Claims Drop to Near 1960s Lows

There were 6,000 fewer initial claims for unemployment last week than the previous week, with multiple media reports saying the labor market remains about as steady as it has been since the 1960s.

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There were 194,000 initial claims for unemployment insurance during the week ended Saturday (Oct. 17), a figure that was 6,000 lower than the previous week’s revised level. The previous week’s level was revised up by 1,000 to 200,000, the Department of Labor (DOL) said in a Thursday (Oct. 22) press release.

The four-week moving average of 197,750 initial claims was 1,000 lower than the previous week’s revised average. The previous week’s average was revised up by 250 to 198,750.

Bloomberg reported Thursday that the number of initial claims filed during the week was the lowest in three months, and close to the lowest levels seen since the 1960s, pointing to stability in the labor market.

The figure was lower than the 200,000 that had been forecast by economists, according to the report.

Bloomberg economist Eliza Winger said in the report: “Jobless claims continued to signal limited layoffs in the survey week for October payrolls. Recent announcements suggest AI is beginning to reduce staffing needs in some industries, but broader evidence of AI-driven layoffs remains limited.”

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