(Bloomberg) -- Applications for US unemployment insurance declined last week, holding at historically low levels amid a tight labor market.
Initial unemployment claims decreased by 11,000 to 200,000 in the week ended May 28, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 210,000.
Continuing claims for state benefits fell to 1.31 million in the week ended May 21, the lowest level since 1969.
The report underscores the strength and tightness of the current labor market. Layoffs are at record lows, and there's nearly two job openings for each unemployed American, data showed Wednesday. Looking ahead though, labor demand may eventually cool as the Federal Reserve aggressively raises interest rates.
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