Fewer Americans are filing for unemployment benefits, offering another sign that layoffs remain relatively low across the U.S. economy. New applications fell to 194,000 for the week ending October 17, down 6,000 from the previous week and the lowest level since July, according to figures released Thursday by the U.S. Department of Labor.

The four-week average of new claims also declined to 197,750, indicating that the recent slowdown in layoffs extends beyond a single week. The figures suggest that many employers are holding on to existing workers even as higher operating costs and economic uncertainty influence business decisions.

But the outlook is less encouraging for Americans searching for a new job. Hiring has remained sluggish, with employers adding just 29,000 jobs in September. That creates a difficult combination: workers who already have jobs may enjoy greater stability, while those who are unemployed or hoping to change careers can face fewer opportunities.

Another measure of the job market moved in the opposite direction. Continuing unemployment claims, which track people receiving benefits after their initial week, rose by 25,000 to approximately 1.73 million for the week ending October 10. The increase suggests that some unemployed workers may be taking longer to find new positions, although weekly changes alone cannot establish a lasting trend.

For households, the distinction matters. Low layoffs can provide reassurance about paycheck stability, but they do little to ease the financial strain of an extended job search. Workers considering a career change may benefit from securing a new position before leaving their current employer, while those actively seeking work may need to plan for a longer search and protect their available savings.