US Initial Jobless Claims Fall to 189,000, Beating Forecasts as Layoffs Stay Subdued

United States initial jobless claims fell by 6,000 to 189,000 for the week ended October 31, according to Labor Department data. The print beat consensus forecasts of 197,000 and dropped from the prior week's upwardly revised 195,000 level. The four-week moving average dropped to 194,750, indicating subdued layoff activity. Meanwhile, continuing claims for the week ended October 24 rose by 23,000 to 1.718 million, above expectations of 1.710 million and up from 1.695 million the previous week. The insured unemployment rate held steady at 1.1%.