U.S. weekly unemployment claims dip to near-historic low

U.S. jobless claims continued their historic decline last week, with the Labor Department noting that initial applications for unemployment benefits slipped to 194,000 for the week ended Oct. 17, down 6,000 from the prior estimate and below analysts' expectations of 200,000. This marks the smallest weekly count since July, when the number fell to 189,000, the lowest recorded since 1969. The four-week moving average of new filings dropped to 197,750, tying the lowest level observed in the modern era, and the three-month average settled at 201,700, the lowest since December 1969.

Meanwhile, continuing claims increased by 25,000 to 1.73 million, reaching a six-week high. Economists stress that moving averages smooth out volatility and provide a clearer picture of labor market strength.