Weekly jobless claims dip to 194,000 as continuing claims also fall

First-time claims for state unemployment benefits fell by 1,000 to a seasonally adjusted 194,000 in the week ended Oct. 24, the Labor Department said Thursday. The four-week average of claims slipped to 196,750 from 198,000. The number of people still receiving benefits after their first week fell to 1.70 million in the week ended Oct. 17 from 1.72 million. A year earlier, initial claims stood at 221,000.

Why it matters: Initial claims are a weekly gauge of layoffs, and continuing claims track how many people remain on unemployment benefits while they look for work.