217,000 new unemployment claims..."The labor market is strong".

Although jobless claims have risen in the U.S., the overall labor market remains solid.

The U.S. Labor Department said 217,000 new unemployment claims were filed last week, up 14,000 from a week ago.

The number of "continued unemployment benefits" claims filed for unemployment benefits for more than two weeks was 1,859,000, down 8,000 from the previous week.

The U.S. labor market remains solid when new weekly jobless claims remain around 210,000 from around 300,000 before the COVID-19 outbreak.

Wall Street is eyeing job market trends as the U.S. central bank, the Federal Reserve, said it would slow rate cuts, citing strong growth and stagnant inflation.