U.S. initial unemployment claims higher in latest week

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The numbers: Initial jobless benefit claims rose by 3,000 to 217,000 in the week ended October 22, the Labor Department said Thursday.  

Economists polled by The Wall Street Journal had estimated new claims would rise 6,000 from last week’s initial estimate of 214,000.

Key details: The number of people already collecting jobless benefits rose by 55,000 to 1.44 million.

Big picture: While economists think the pace of the Federal Reserve’s recent interest rate hikes will eventually slow the economy and cause firms to lay off workers, so far labor market conditions remain tight.

Market reaction: U.S. stocks DJIA, +0.01% SPX, -0.74% were mixed before the market opened on Thursday while the yield on the 10-year Treasury note TMUBMUSD10Y, 4.048% rose to 4.04%.

This article was originally published by Marketwatch.com. Read the original article here.

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