Initial claims for state unemployment benefits decreased by 12,000 to 216,000 for the week ending October 26, according to the Labor Department. This decline is attributed to the fading impact of Hurricanes Helene and Milton on economic activity.

The number of individuals receiving benefits after the initial week of aid, which serves as an indicator of hiring trends, dropped by 26,000 to 1.862 million for the week ending October 19. Despite the effects of the hurricanes and ongoing strikes at Boeing, the overall labor market remains relatively stable.

Furthermore, a report from Challenger, Gray & Christmas indicated that planned layoffs by U.S.-based employers decreased by 23.7% to 55,597 in October, suggesting a potential reduction in job cuts.