New applications for unemployment benefits in the United States fell during the week ending October 25, according to economists' estimates, indicating a resilient labor market despite limited job openings and companies' reluctance to expand hiring.
JPMorgan estimated that initial jobless claims dropped to a seasonally adjusted 219,000, compared to 232,000 the previous week. Goldman Sachs' estimate was in a similar range, reflecting a consistency in forecasts among major financial institutions.
Orn Klashkin of Nationwide said the decline in claims reinforces the Federal Reserve's view that no further interest rate cut is needed in December, adding that the drop reflects the economy's resilience, according to Reuters.
JPMorgan explained that the number of unemployment insurance beneficiaries rose to 1.957 million after seasonal adjustment during the week ending October 18, the highest level in two and a half months, from 1.945 million, and this was generally in line with Goldman Sachs' calculations.
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