More Americans sought unemployment benefits for the week ending on October 21, which economists suggested could be a sign that employers may be slowing down on hiring amid high prices and elevated costs of borrowing. Meanwhile, for those looking for jobs, it may also be getting harder to find employment.
Initial unemployment claims increased by 10,000 to 210,000, the Department of Labor said on Thursday, but that was lower than some expectations of 205,000. For the monthly average, the claims ticked up to 207,500, an increase of 1,250 from the previous week's revised average.
The claims showed slight signs that the labor market may be softening could suggest that the Federal Reserve's hiking of rates is hurting employers as their cost of capital has risen as a result.