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Americans filing for jobless aid remain at historically low levels below 200,000
ABC News - Breaking News, Latest News and Videos • • business
Key Points:
- U.S. initial jobless claims rose slightly by 1,000 to 199,000 for the week ending October 10, maintaining historically low levels that indicate strong job security for most American workers.
- The four-week average of claims increased marginally to 198,500, reflecting a stable labor market with low layoffs despite slow hiring.
- September job growth was weak, with only 29,000 jobs added compared to 133,000 in August, but the unemployment rate remains low at 4.2%, aided by slower population growth and reduced immigration.
- Concerns persist that higher borrowing costs and inflation, especially due to rising energy prices, may lead some companies to cut jobs, as seen with Kroger’s planned layoffs of 3,000 corporate employees and further cuts expected at Albertson’s.
- The total number of Americans receiving unemployment benefits for the week ending October 3 decreased by 4,000 to 1.71 million, signaling continued overall labor market health.
