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US Weekly Jobless Claims Drop to 197,000, Surpassing Expectations

Washington:The number of Americans filing for first-time unemployment benefits decreased by 2,000 to 197,000 last week, falling below market expectations, according to data from the US Labor Department.

According to Anadolu Agency, the figure for the week ending October 3 was lower than the anticipated 200,000 claims. The previous week's data was revised upward by 2,000 to 199,000.

The four-week moving average, which helps smooth out weekly volatility, dropped by 2,500 to 198,000. This average for the prior week was adjusted up by 500 to 200,500.

Continuing claims, representing people already receiving unemployment benefits, rose by 17,000 to 1.716 million for the week ending September 26. The earlier week's numbers were revised down by 2,000 to 1.699 million.

The four-week moving average for continuing claims decreased by 12,250 to 1.711 million.

In related employment data, the US economy added only 29,000 nonfarm jobs in September, which was significantly lower than the forecasted 90,000. The unemployment rate increased to 4.2% in September from 4.1% in August.