US jobless claims fall below expectations

Initial jobless claims fell by 6,000 to 194,000 in the week ending October 17, coming in below market expectations of 200,000. The figure marked the lowest level since mid-July. Meanwhile, the previous week's reading was revised upward from 199,000 to 200,000.

The four-week moving average of initial jobless claims declined by 1,000 to 197,750. In contrast, continuing jobless claims rose by 25,000 to 1.728 million in the week ending October 10. The decline in initial claims suggests that layoffs remain limited in the US labor market, while the data also carry important implications for the Federal Reserve's monetary policy outlook.