The DOL reported:
In the week ending October 22, the advance figure for seasonally adjusted initial claims was 258,000, a decrease of 3,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 260,000 to 261,000. The 4-week moving average was 253,000, an increase of 1,000 from the previous week’s revised average. The previous week’s average was revised up by 250 from 251,750 to 252,000.
There were no special factors impacting this week’s initial claims. This marks 86 consecutive weeks of initial claims below 300,000, the longest streak since 1970.
The previous week was revised up.
The following graph shows the 4-week moving average of weekly claims since 1971.
The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 253,000.
This was close to the consensus forecast. The low level of claims suggests relatively few layoffs.