According to the Department of Labor, it’s been 44 years since the number of people receiving unemployment benefits has been this low.
1.7 million people received benefits over the course of the week, the fewest since 1973, back when the US population had over 100 million fewer people than it does today.
New claims for unemployment insurance benefits also dropped by 4,000.
The expected jobless claim rate is expected to be around 225,000 a week, the lowest unemployment rate in decades.
The low claim rate is a sign that businesses are not laying off employees and that job creation remains strong.
The unemployment rate is currently at 3.8 percent, as low as it has ever been since Neil Armstrong was walking on the Moon in 1969.
The Trump administration hopes that low unemployment and a strong economy will eventually translate to an improvement in wage gains, which was an important goal set by the president.
Federal Reserve chairman Jerome Powell is confident that wages will soon mirror the growing economy. “Over time, when labor markets are strong and companies are hiring, we should see higher wages,” he said.