JOBLESS CLAIMS STAY BELOW 200K

Initial jobless claims fell to 197,000 in the week ending October 3, just under the 200,000 expected, the Labor Department said. The four-week average dropped to 198,000. Continuing claims rose by 17,000 to 1.716 million, above the 1.70 million forecast, a sign that people who lose a job are taking longer to find a new one. Layoffs stay near historic lows, which gives the Fed less urgency to keep cutting rates.