In the week ending October 8, initial claims for unemployment insurance held steady from the previous week at a four-decade low of 246,000. The four-week moving average, a less volatile gauge that helps even out short-run swings in the data, fell 3,500 to 249,250—the lowest average since 1973. Jobless claims have remained below 300,000 for 84 consecutive weeks, the longest streak since 1970 and a sign of continued strengthening in the labor market.
