Mortgage rates march toward 7%, reaching highest level since 2007

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Jobless Claims Fell Below 200,000. The Job Market Is Still Too Strong.

The number of Americans filing for first-time unemployment insurance fell below 200,000 for the first time since May, a bad sign for the Federal Reserve, which wants to see a hot job market cool down. Initial jobless claims came in at 193,000 for the week ended Sept. 24, the lowest since April. The decrease in jobless claims suggests that there’s plenty of strength left in the job market, despite recent announcements of layoffs from companies including DocuSign (ticker: DOCU), which said it would lay off 9% of its workforce, and Twilio (TWLO), which is cutting the number of employees by 11%.