The US labor market has not looked this good since the 1970s, judging solely by initial jobless claims.
The number of first-time filings for unemployment insurance fell to 249,000 last week, according to the Department of Labor.
That's just 1,000 more than the lowest level of this economic cycle, in April.
The four-week average of claims, which evens out some of the week-by-week volatility, fell by 2,500, to 253,500, the lowest level since December 8, 1973.
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