US jobless claims dip to 197,000 as layoffs stay rare

Initial claims for unemployment benefits fell by 2,000 to 197,000 in the week ended October 3, the Labor Department said Thursday, below the 200,000 economists expected. Claims have now been under 200,000 for four straight weeks.

The four-week average fell to 198,000. Continuing claims, a rough gauge of hiring, rose 17,000 to 1.716 million.

The figures sit oddly beside last week's weak September payrolls, which rose by only 29,000. Employers are not firing, but they are not hiring much either.