US jobless claims hover near 57-year low for fourth consecutive week

WASHINGTON — The number of Americans filing new unemployment claims fell last week, indicating ongoing labor market stability despite a significant slowdown in job growth in September, according to a report from the Labor Department on Thursday. For the fourth consecutive week, initial jobless claims have hovered near a 57-year low, reflecting historically low layoffs.

Despite employers holding onto workers due to robust profit growth and stock market performance, they have been reluctant to increase headcount, making it challenging for those who lose their jobs to find new opportunities. Economists attribute this trend to uncertainty, stemming from tariffs and the US-Israeli conflict with Iran, which has led to soaring diesel prices and increased costs for other commodities.

Heather Long, chief economist at Navy Federal Credit Union, described the job market as "low-hire, low-fire," which is beneficial for those with jobs but poses difficulties for job seekers. Initial jobless claims for state unemployment benefits decreased by 2,000 to a seasonally adjusted 197,000.