Sixty Six Week of Low Jobless Claims Mark the ‘Longest Streak’ Since 1973

On Thursday, the Labor Department said that last week lesser number of Americans applied for unemployment benefits. That signals at a brighter labor market with the employers keeping their workers in spite of a lackluster economy.

According to the Labor Department the number of weekly applications for unemployment benefits dropped 4,000 at a seasonally adjusted 264,000. The four-week average also fell 7,500 to 269,500.

Marking its longest streak of sixty six since 1973, the weekly unemployment aid claims below historic level of 300,000 is keeping the optimism in the labor market alive.

The report showed, "In the week ending June 4, the advance figure for seasonally adjusted initial claims was 264,000. This marks 66 consecutive weeks of initial claims below 300,000, the longest streak since 1973."

A report from the Bureau of Labor Statistics shows slow but positive job growth and that is likely to also have added to the slight drop in the number of people who are collecting unemployment insurance.

The report shows an addition of average 219,000 new jobs a month in last one last year, but it slowed down in May. The people who are going through a long-term unemployment problem still continue to a major setback.