Weekly US jobless claims land at 199,000, below forecast

• Initial claims totaled 199,000, a 1,000 increase. The prior week's figure was revised up to 198,000 from 197,000.

• The four-week average of initial claims rose 250 to 198,500. The earlier reading was revised to 198,250 from 198,000.

• For the week ending October 3, continuing claims came to 1,710,000, a drop of 4,000. The earlier figure was revised to 1,714,000 from 1,716,000.

• Down 1,750, the four-week average for continuing claims reached 1,708,750. The prior average was revised to 1,710,500 from 1,711,000.

• The insured unemployment rate held at 1.1%.

The Labor Department said initial jobless claims edged up to 199,000 in the week ending October 10. That left new filings below 200,000 even after the previous week was revised 1,000 higher. Continuing claims slipped, so the broader picture remained much the same.

The jump in unadjusted claims calls for context. Applications climbed by 19,456, or 11.4%, while seasonal factors had predicted an 11.0% increase. In short, most of the move reflected the usual pattern for this period. The unadjusted count also stayed below the 210,777 level seen in the same week last year.

Quick take: The data give little sign that layoffs are accelerating. Initial claims are subdued, and both continuing claims and their four-week average moved downward. That leaves the Fed with scant additional reason to loosen policy based on job cuts alone. A sturdy labor market would typically support the dollar and yields, though such small weekly shifts offer little fresh direction. The caveat: weak layoff numbers do not always mean hiring is strong.

What the figures cover: Initial claims are new applications for unemployment insurance and serve as an early read on layoffs. Continuing claims measure those receiving benefits after an initial filing, reported with a one-week delay. The headline numbers are seasonally adjusted and open to revision, so they are best judged against their four-week averages to lessen weekly noise.