Jobless claims inch up to 199,000 as the job market holds steady

The number of Americans filing for unemployment benefits for the first time barely moved last week, a sign that layoffs remain low even as many companies hire cautiously.

The latest numbers

The Labor Department said 199,000 people filed first-time claims in the week that ended Oct. 10. That was up 1,000 from the revised level of 198,000 the week before. The four-week average stood at 198,500.

People still on benefits

Continuing claims, which count people who keep collecting benefits, fell by 4,000 to about 1.71 million in the week ended Oct. 3. A lower number can mean that people who lose jobs are finding new ones or that they are running out of benefits.

What it says about the economy

Weekly claims are one of the fastest ways to see how workers are doing because they come out every Thursday. Staying near 200,000 is low by historical standards and points to few layoffs. Economists note that hiring has slowed over the past year so people who do lose a job can take longer to land another.

For workers the safest move is to keep skills fresh and savings steady. Anyone who loses a job should file for benefits right away because most states pay from the date of the claim.