Weekly jobless claims fall to lowest level since 1969

Approximately 199,000 Americans filed initial claims for unemployment insurance‌ last‌ week, a 71,000 decrease from the week before.

Why it matters: The Labor Department said Wednesday it was the lowest level of initial claims since Nov. 15, 1969, when claims reached 197,000.

This same time last year, unemployment claims were around 700,000, per the Labor Department.

Our thought bubble, via Axios' Felix Salmon: Employers are so desperate for employees that layoffs are all but nonexistent. While America still has very little in the way of long-term job security, it currently offers unprecedented levels of short-term job security.