Initial jobless claims fell to 194,000 for the week ending Oct. 17, after reaching 189,000 on July 18, the lowest level since the late 1960s. Claims have averaged 212,000 over the past year, while their four-week moving average declined to 197,750. Meanwhile, nonfarm payrolls rose by just 29,000 in September and averaged 69,000 a month in 2026, while the unemployment rate reached 4.2%, largely because of a sharp increase in labor force participation. Layoffs remain modest, declining by 61,000 in August and putting the annual layoff rate at 1%. Federal Reserve officials are expected to hold interest rates steady in October before raising them by 0.25 percentage point in December, as inflation remains above the central bank’s 2% target.
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