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The number of Americans applying for unemployment benefits has fallen to its lowest levels since 1969, new data shows.
First-time filings for unemployment benefits fell by 22,000 to an estimated 187,000 claims, according to the Department of Labor—the lowest level of new applications since September 1969.
These new numbers indicate stability within the U.S. job market, allowing Federal Reserve officials to prioritize inflation.
Likewise, the number of Americans enrolled in jobless benefit rolls for over a week, a hiring proxy, reached a six-week low of 1.796 million at the conclusion of the July 11 week.
The total unemployment rate also fell to a one-year low of 4.2 percent, Reuters reported.