US jobless claims drop to lowest level since 1969

WASHINGTON - The US weekly jobless claims fell to the lowest level in more than 48 years, signaling strong momentum in the US labor market, said the Labor Department on Thursday.

The seasonally adjusted figure of initial jobless claims across the country was 210,000 for the week ended Feb 24, the lowest level since December 1969, the department said.

The four-week average fell 6,250 to 1.92 million.

The week marked the 156th straight week that the figure remained below the 300,000 threshold, which is associated with a strong labor market.

With the unemployment rate at a 17-year low of 4.1 percent, the US labor market is near full employment.