Jobless Claims Hit 9-Month Low, Pointing to Resilient Labor Market Despite Rate Hikes

Jobless claims fell to 198,000 last week, hitting a 9-month low and defying expectations of a rise due to higher interest rates.

Claims staying below 200k points to a stable economy, as they usually top 300k as a recession nears.

Raw claims hit a very low 181,181, one of the lowest levels in over 50 years.

Most laid off workers appear to be finding jobs quickly still.

A resilient labor market could pressure the Fed to raise rates again unless wage growth moderates.