Cooling labor market Economic growth slowdown Economic Impact Economic Slowdown Employment data Fed Chair Jerome Powell Fed interest rate Fed's monetary policy Federal Reserve rate hikes Hiring proxy data Initial claims rise Job market cooling Jobless claims 10-month high Jobless claims increase Labor Department report Labor Market Analysis Labor Market Conditions Pre-pandemic labor market Rate hikes effect Seasonally adjusted claims U S Economy U.S. job market trends U.S. jobless claims U.S. Labor Market U.S. unemployment rate Unemployment benefits Unemployment benefits surge Unemployment rate rise Unemployment Trends Weekly unemployment claims