US labour market still tight as unemployment hits 10-month high

The number of Americans filing new claims for jobless benefits increased moderately last week, pointing to a still-tight and strong labour market despite growing fears of a recession as the United States Federal Reserve fights to dampen demand.

Though the weekly jobless claims report from the US Department of Labor on Thursday showed unemployment rolls, or the so-called continuing claims, rising to a 10-month high in late November, economists cautioned against reading too much into the move as the data are volatile around this time of year.

Labour market tightness and resilience keep the US central bank on course to continue hiking interest rates for a while.

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