Jobless Claims Remain Elevated Despite Vibrant Labor Market

US unemployment insurance filings were higher for second straight week according to government report.
The four-week moving average of claims rose to highest level in seven months indicating potential cooling in red-hot labor market.
Though rate hikes by Federal Reserve aim to slow economy, job creation remains robust and unemployment rate stands near historic lows.
Recent layoffs at major tech companies contributed to uptick in claims but overall labor market still very strong according to economists.
Fed Chair Powell said in Senate testimony that central bank monitoring data closely but sees no signs of broad weakening.