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U.S. weekly jobless claims hit 8-month high; labor market still tight

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Reuters

By Lucia Mutikani WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits increased to an eight-month high last week, suggesting some cooling in the labor market amid rising interest rates and tighter financial conditions. Despite the second straight weekly rise in claims reported by the Labor Department on Thursday, labor market conditions remain tight, with very few people on unemployment rolls. Claims at current levels are inconsistent with an imminent recession, economists said. The Federal Reserve is raising borrowing costs to dampen demand for workers a…

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