The US labor market has not looked this good since the 1970s, judging solely by initial jobless claims, Business Insider reports. The number of first-time filings for unemployment insurance fell 5,000 to 249,000, according to the US Department of Labor. The four-week average or claims, which decreases the volatility of the weekly numbers, fell by 2,500 to 253,500, the lowest level since Dec. 8, 1973.