Unemployment claims hit 10-month high as US labor market remains tight

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The tightness in the U.S. labor market is expected to have the Federal Reserve on course to keep up its interest rate hikes for weeks and possibly months go come.

Data out from the U.S. Department of Labor on Thursday revealed that continued unemployment insurance claims rose to a 10-month high by late November showing the country's labor market is still tight.

States with the highest insured unemployment claims for the week ending on Nov. 19 were Alaska, New Jersey, California, Montana, New York, Massachusetts, Minnesota, Rhode Island, Nevada and Oregon; this also include the territory of Puerto Rico. "The holiday time is generally not attractive to workers to start a new job, compounded by many firms temporarily closing during the holiday period," Munir said.

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