The number of Americans filing for unemployment benefits dropped to the lowest level in nearly half a century.
The Labor Department on Thursday said claims for jobless aid fell by 5,000 last week, to 192,000, lowest since September 1969. The four-week average, which is less volatile, dropped by 6,000, to 201,250, lowest since November 1969.
Weekly claims have been at historically low levels—below 300,000—for more than four years.
Unemployment claims are a proxy for layoffs. The low levels show that most American workers enjoy job security. The employment rate is 3.8%, the lowest in almost 50 years.