U.S. weekly jobless claims fall to 197,000, lowest since mid-July

The U.S. Labor Department reported that initial jobless claims fell to 197,000 last week, the lowest since mid-July, down from a revised 198,000 the prior week. The four-week average dropped to 200,000. Layoffs remain low despite higher energy prices from the U.S.-Israeli conflict with Iran and a recent Federal Reserve rate hike. Employers added an average of 80,000 jobs per month this year, with a surprising 162,000 in August. The September jobs report is expected to show 90,000 new jobs and an unemployment rate of 4.1%.