WASHINGTON (AP) — The number of Americans seeking unemployment benefits last week felt to the lowest level since mid-April, another sign that workers are enjoying job security despite sluggish economic growth.
The Labor Department says weekly applications for jobless aid slid by 5,000 to a seasonally adjusted 249,000. The less volatile four-week average dropped 2,500 to 253,500, the lowest level since December 1973.
Any weekly number below 300,000 suggests the labor market is healthy. Claims have come in below that level for 83 straight weeks, the longest such streak since 1970 when the U.S. labor force was about half as big as it is now.
Claims are a proxy for layoffs. The low numbers show that employers are holding onto staff even though economic growth has been lackluster since late last year.