Initial jobless claims are at their lowest level since 1973

Initial jobless claims unexpectedly fell to 247,000.

That’s a decrease of 6,000 from the previous week’s unrevised level of 253,000.

This is the lowest level for claims since November 24, 1973.

Economists were expecting claims to rise slightly to 263,000, according to the Bloomberg consensus.

The 4-week moving average was 260,500, a decrease of 4,500 from the previous week’s unrevised average of 265,000.

Notably, claims have now been below 300,000 for 59 straight weeks — the longest streak since 1973.

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