Initial jobless claims fell by 4,000 to 254,000 last week, according to the Department of Labor.
Economists had forecast that first-time filings for unemployment insurance fell to 255,000, according to Bloomberg. The total number has not crossed 300,000 for 93 straight weeks.
Claims offer a real-time look into the rate of layoffs and job losses, since many people file for benefits soon after they lose their jobs. This data series, at the lowest level since the 1970s, has been proof of the labor recovery after the recession and the reduction of slack in the market.