U.S. applications for unemployment benefits fell to their lowest level in eight months last week as the labor market continues to show strength in the face of elevated interest rates

"Though the Federal Reserve opted to leave its benchmark borrowing rate alone this week, it is well into the second year of its battle to stamp out four-decade high inflation. The whopping 11 interest rate hikes since March of last year have helped to curb price growth, but the U.S. economy and labor market have held up better than most expected.

Earlier this month, the government reported that U.S. employers added a healthy 187,000 jobs in August. Though the unemployment rate ticked up to 3.8%, it’s still low by historical measures."