Applications for U.S. unemployment benefits fell last week to the lowest level in more than five decades, underscoring the continued strength of the labor market despite recent corporate layoff announcements.
Initial claims for state unemployment benefits declined by 26,000 to 189,000 in the week ended April 25, the Labor Department said Thursday. Economists had expected claims to come in at 212,000.
The latest reading is historically rare. In weekly data going back to 1967, initial claims have been lower than 189,000 only 24 times out of 3,095 observations, or 0.78 percent of the time. Claims have not been lower than the current level since…
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