The Labor Department reported on October 8, 2026 that first-time unemployment claims came in at 197,000, below 200,000 for a fourth straight week and the longest such run since 1969. Later reporting put initial claims at 194,000, the fourth lowest level since the 1960s. The low-claims streak has since run about five weeks, and the Fed is holding rates partly to avoid rocking the boat before the midterms. Economists describe a low-hire, low-fire labor market that is stagnant and hard on the long-term unemployed and new entrants, with more than one in four jobless workers out of work six months or longer.