U.S. initial jobless claims ticked slightly lower last week, showing strength in the labor market despite continued rate hikes from the Federal Reserve.

What Happened: Jobless claims decreased by 4,000 for the week ending Nov. 12 to 222,000 from an upwardly revised level of 226,000 in the prior week, according to the latest Labor Department data.

The number came in below average economist estimates of 225,000.

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The previous week's level of 226,000 was revised up by 1,000. The four-week moving average was 221,000, an increase of 2,000 from the previous week's revised average. The previous week's average was revised up by 250 from 218,750 to 219,000.

Continuing claims jumped to 1.507 million in the week ended Nov. 5, an increase of 13,000 from the previous week's revised level.

The Fed's rate increases are expected to eventually slow the economy and spur layoffs, but jobless claims remain near historically low levels.

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At the central bank's last meeting, Fed chair Jerome Powell said there is still significant uncertainty around the level of interest rates that will be sufficiently restrictive to bring inflation down to its 2% goal.

"The historical record cautions strongly against prematurely loosening policy. We will stay the course until the job is done," Powell said.

The Fed's final meeting of the year is slated for Dec. 14. Thursday's unemployment insurance filing data appears to be a step in the wrong direction. It at least fails to confirm recent indicators.

SPY Price Action: The SPY was down 1.28% at $390.40 Thursday morning, according to Benzinga Pro.