US initial jobless claims rose by 10,000 in the week ended Oct. 21 to a total of 210,000, the US Department of Labor reported today. The previous week’s level was revised upward by 2,000.
However, initial claims fell by 13,000 in the previous week to their lowest level in eight months and remain historically low as the labor market continues to show strength amid high interest rates and inflation, The Associated Press reported. Most analysts expect that the Federal Reserve will stand pat with no interest rate increase at its meeting next week as it tries to achieve a “soft landing” — bringing inflation down to its goal of 2% without causing a recession.
Meanwhile, the four-week moving average of initial claims rose by 1,250 in the latest week to a level of 207,500. The previous week’s average was revised upward by 500.