Initial jobless claims, a rough way to measure layoffs, fell by 6,000 to 212,000 in the seven days ended Oct. 19, the government said Thursday.
Economists polled by MarketWatch estimated new claims would total a seasonally adjusted 215,000.
What happened: Actual or unadjusted jobless claims fell the most in New York, Michigan and Texas.
The more stable monthly average of new claims dipped by 750 to 215,000. The four-week average gives a more stable read into labor-market conditions than the more volatile weekly number.
The number of people already collecting unemployment benefits, known as continuing claims, slipped by 1,000 to 1.68 million.
Big picture: Companies still aren’t laying off many workers or cutting lots of jobs even though the economy has slowed. Many firm still complain about a lack of skilled workers when they do look to fill open positions.
The strong labor market, marked by the lowest unemployment rate in 50 years, represents an insurance policy of sorts against recession. Most Americans who want a job have one and they’re spending enough to keep the economy growing.
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