The U.S. Department of Labor reported on Thursday that initial jobless claims for the week ending October 3 fell by 2,000 to a seasonally adjusted 197,000, below market expectations of 200,000, and remained near a 57-year low for the fourth consecutive week. Meanwhile, continuing jobless claims rose by 17,000 to 1.716 million for the week ending September 26. Economists noted that the labor market exhibits a structural characteristic of "low hiring, low layoffs," with weakening momentum in job growth. The market has significantly lowered expectations for another Federal Reserve rate hike in October, generally pushing back the timing of the next hike to December.