US Initial Jobless Claims Fall to 197,000, Beating Expectations of 200,000

U.S. initial jobless claims fell by 2,000 to 197,000 for the week ending October 3, beating consensus expectations of 200,000 and staying below 200,000 for a fourth consecutive week. The previous week's claims were revised up to 199,000 from 197,000, while the four-week moving average dropped by 2,500 to 198,000. Meanwhile, continuing claims climbed to 1.716 million for the week ending September 26, slightly above forecasts, while the insured unemployment rate held steady at 1.1%. Amid the data and elevated energy costs, S&P 500 futures fell 33 points.