MarketWatch (10/19/23) Bartash, Jeffry

The number of people who applied for unemployment benefits last week dropped to a nine-month low of 198,000, defying expectations that layoffs would increase as higher interest rates squeezed the economy. Economists had anticipated new claims in the week ended Oct. 14 would total 210,000. New jobless claims dropped from a revised 211,000 in the prior week, according to the government.

New jobless claims dropped below the 200,000 mark for the first time since mid-January. Claims show a very low number of job losses and point to a stable economy. Unemployment claims usually top 300,000—and eventually go much higher—when a recession approaches.