The DOL reported:
In the week ending October 16, the advance figure for seasonally adjusted initial claims was 290,000, a decrease of 6,000 from the previous week’s revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week’s level was revised up by 3,000 from 293,000 to 296,000. The 4-week moving average was 319,750, a decrease of 15,250 from the previous week’s revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week’s average was revised up by 750 from 334,250 to 335,000.
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 decreased to 319,750.
The previous week was revised up.
Regular state continued claims decreased to 2,481,000 (SA) from 2,603,000 (SA) the previous week.
Weekly claims were at the consensus forecast.