US Initial Jobless Claims Total 197,000, Below Forecast

U.S. initial jobless claims came in below market expectations last week.

The Labor Department said on October 1 that initial jobless claims totaled 197,000 last week. That was 4,000 below economists’ forecast of 201,000 and down 1,000 from the prior week’s revised 198,000.

Continuing claims, which reflect the number of people receiving unemployment benefits for a second consecutive week, stood at 1.701 million. That was 11,000 below the prior week’s revised 1.712 million and 29,000 lower than the market forecast of 1.73 million.

Initial jobless claims are a gauge of overheating in the U.S. labor market. An increase in claims can be interpreted as a sign that labor-market tightness is easing.