U.S. applications for unemployment benefits inched up modestly this week after reaching their lowest level in eight months the previous week, as the labor market continues to defy the Federal Reserve's interest rate hikes meant to cool it.
Filings for jobless claims rose by 2,000 to 204,000 for the week ending Sept. 23, the Labor Department reported Thursday. Last week's figure was the lowest since January.The four-week moving average of claims, which quiets some of the week-to-week noise, fell by 6,250 to 211,000.
The whopping 11 interest rate hikes since March of last year have helped to curb price growth, but the U.S. economy and labor market have held up better than most expected. U.S. businesses have been adding an average of about 236,000 jobs per month this year, down from the pandemic surge of the previous two years, but still a strong number.
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