The number of Americans applying for first-time unemployment benefits fell to lows not seen in decades last week, a sign of continued strength in the U.S. labour market.
The figures released Thursday show initial jobless claims, a proxy for layoffs, dropped 19,000 in the week ended Nov. 12 to a seasonally-adjusted 235,000, the lowest level since November 1973. Economists had expected 255,000 new claims.
Jobless claims for the week ended Nov. 5 were left unrevised at 254,000.
Initial claims have remained below 300,000 for 89 straight weeks, the longest such streak since 1970--when the workforce and U.S. population were far smaller.
The four-week moving average for initial claims, which smooths out volatility fell last week by 6,500 to 253,500.
