US weekly jobless claims drop more than expected
A job recruiter wears a shirt showing all of the Wal-Mart Stores Inc. brands during a career fair at the Sheraton Hotel in Philadelphia, Pennsylvania.The number of Americans filing applications for unemployment benefits unexpectedly fell last week, suggesting the labor market remains on solid footing even as hiring is slowing in tandem with a moderation in economic growth.
Economists polled by Reuters had forecast claims unchanged at 219,000 in the latest week. The Labor Department said only claims for Nebraska were estimated last week. Despite the low layoffs, the labor market is slowing as demand for labor cools against the backdrop of a step down in economic growth. Job growth has averaged 161,000 per month this year, compared to a monthly gain of 223,000 in 2018. Job gains remain above the roughly 100,000 per month needed to keep up with growth in the working-age population. The unemployment rate fell to near a 50-year low of 3.5% in September from 3.7% in August.
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