Fewer workers sought jobless benefits in the US last week than at any time since 1969.
Just 187,000 people filed for unemployment, the Labor Department reported. That was down roughly 28,000 from the previous week.
The figures show a stark turnaround in the job market in the US since the start of the coronavirus pandemic.
The news sparked several historic comparisons on social media, with some sharing photos of Woodstock music fest.
“The last time jobless claims fell this low was the same year we landed folks on the moon,” said Rep Ted Lieu, Democrat from California.
“The last time weekly jobless claims were this low The Beatles were still together,” added Rep Don Beyer, Democrat of Virginia.
The US economy has many looking back to the past at the moment, but it hasn’t been easy for economists and analysts to settle on the right historic analogies.
When lockdowns hit two years ago, the weekly jobless report hit record highs, with claims eventually exceeding six million.
But the economy, helped along by a massive government stimulus program, has since roared back with a strength that surprised most analysts.
Growth jumped 5.7% last year, while payrolls have been expanding at a healthy clip, increasing by more than 600,000 last month, helping to cut the jobless rate to 3.8%.
Thursday’s report highlighted the tight labor market, analysts said.
President Joe Biden has sought to claim credit for the gains, pointing to Democratic spending plans and progress controlling coronavirus under his watch.
He celebrated Thursday’s report, citing it as another sign of a “historic economic recovery”.
But surveys show the public remains worried about the economy, reflecting prices that are increasing at a pace not seen in 40 years.
