Weekly Jobless Claims Hit 194,000; Continuing Claims Rise

New filings for unemployment benefits fell to 194,000 in the week ending October 17, the lowest level since mid-July, according to the U.S. Department of Labor. The number that should pull your eye is not that headline, though. Continuing claims, the count of people still receiving benefits, climbed 25,000 to 1.728 million, the highest tally since late August. New jobless claims and the insured unemployment backlog are moving in opposite directions, and that split is the more interesting signal for the economy and for the Federal Reserve's decision next week.

Key Takeaways Initial jobless claims fell to 194,000 for the week ending October 17, down 6,000 and the lowest since mid-July. Continui…