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Economic Report: U.S. jobless claims sink to 48-year low

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Americans can party like it’s 1969. Layoffs have fallen to the lowest level in 49 years.

The numbers: Initial jobless claims, a proxy for layoffs in the U.S., sank in mid-July to the lowest level since the end of 1969.

New claims dropped by 8,000 to 207,000 in the seven days ended July 14. Economists polled by MarketWatch had forecast a 224,000 reading.

The more stable monthly average of claims, meanwhile, slipped by 2,750 to 220,500, the government said Thursday.

The number of people already collecting unemployment benefits rose by 8,000 to 1.75 million, but it’s also near a multi-decade low.

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