The continuing claims figure indicates stabilization in the labor market, but initial claims in late March and early April were higher than expected.

Wall Street firms predict inflation closer to 3% than 2%, a rising unemployment rate, and a 30% chance of an economic downturn.

The 200,000 initial jobless claims suggest employers are still in a pattern of limited layoffs.

Despite a spate of layoff announcements, today’s data suggests that layoffs remain limited, helping to allay concerns about a rapid deterioration in the labor market.

Figures released by ADP today suggest that the labor market slowed in the second half of October, compared with earlier in the month.

Year-to-date job cuts have exceeded 1 million for the first time since the pandemic.