U.S. initial jobless claims fell to 189,000 last week, the lowest since mid-July.

Data released by the U.S. Department of Labor on November 5 showed that seasonally adjusted initial jobless claims for the week ending October 31 were 189,000, below the market expectation of 196,000, with the previous reading revised upward from 194,000 to 195,000. This figure marks the lowest level since mid-July. Initial jobless claims had previously touched 187,000 in mid-July, a near-60-year low since 1969, and this latest reading returns to that low range, indicating that U.S. companies remain restrained in layoffs and labor market resilience continues. The less volatile four-week moving average fell to 194,750, compared with a revised 197,000 the previous week, extending a slow decline over the past month. However, continuing jobless claims for the week ending October 24 rose to 1,718,000, above the market expectation of 1,710,000, compared with 1,695,000 the previous week; the insured unemployment rate was unchanged at 1.1%. The modest rebound in continuing claims means the pace at which some unemployed people are finding re-employment has slowed slightly, but the level remains near recent-year lows. Initial jobless claims are a high-frequency indicator of the health of the U.S. job market and are usually regarded as a leading reference for official nonfarm payrolls data. This Friday (November 6), the U.S. Bureau of Labor Statistics will release the October nonfarm payrolls report, which will provide a more authoritative judgment on labor market trends.