Jobless claims fall to 197,000, the fewest since mid-July. Nobody's getting fired, but not many are getting hired either.

A little good news with your coffee: 197,000 Americans applied for unemployment benefits last week, the fewest since mid-July, the Labor Department said Thursday, per the Associated Press. The four-week average slipped to 202,250, and claims have mostly stayed under 220,000 all year, which AP calls historically low, even with energy prices squeezing everyone since the fighting with Iran began Feb. 28. Now the fine print. Bosses remember how hard workers were to find after the pandemic, so they're holding on to them, but they're hiring only modestly. Payrolls have grown an average of 80,000 a month this year, including a surprising 162,000 in August. That beats 2025's 9,700-a-month average and trails the 166,000 of 2023 and 2024. Forecasters surveyed by FactSet expect next week's September report to show 52,500 jobs and 4.1% unemployment. Kitchen-table translation: if you've got a job, it's probably safe. If you're looking, or your grown kid is, expect a slow line at the counter. It's a store with loyal staff and no help-wanted sign in the window.