Jobless Claims Edge Up Slightly But Labor Market Remains Strong Despite Fed Rate Hikes

Weekly jobless claims rose slightly to 210,000 for the week ending Oct. 21, up 10,000 from the previous week's 200,000.

The 4-week moving average of claims increased to 207,500, up 1,250 from the previous week's 206,250.

Overall, 1.79 million people were collecting unemployment benefits for the week ending Oct. 14, about 63,000 more than the prior week.

The Fed has raised interest rates 11 times since March in an effort to cool inflation, but the labor market remains strong.

In September, employers added 336,000 jobs and job openings rose to 9.6 million in August, indicating continued labor market strength.