With only 255,000 jobless claims, July 2015 is shaping up to have the lowest unemployment rate since 1973.
Jobless claims in the U.S. reached the lowest they have been in four decades in the week that ended on July 18.
Twenty-six thousand fewer jobless claims were filed that week than economists predicted, bringing the total number of claims to 255,000. Bloomberg’s team of economists had projected 278,000 jobless claims.
The last time the country has had such a low number of jobless claims was November 1973, according to the Labor Department.
Some movement in the unemployment rate is not uncommon this time of year because of factors like the summer holiday and auto makers gearing up for the new model year, according to Bloomberg.
Though that week had a drastic drop, overall jobless rates for last month had less drastic changes.
Unemployment rates decreased in 21 states and the District of Columbia, according to the June 2015 jobs report by the U.S. Bureau of Labor Statistics (BLS).
Twelve states had an increase in unemployment rates and 17 states did not change from the month before.
The national unemployment rate also decreased from May to June, moving to 5.3%. That marks a 0.8% decrease in the jobless rate in the U.S. compared to June of last year.
New York had the largest employment increase with 25,500 employees gained. California was next with 23,000 new hires, followed by Texas with 16,700.
South Dakota and South Carolina had the largest percentage increase in employment from May to June, 0.6% and 0.5%, respectively.
Illinois had the highest number employment decreases from May to June (loss of 7,500 jobs). New Jersey was next with the loss of 7,400 positions, followed by Maryland with the loss of 6,200 positions.
Alaska, Wyoming and Idaho had the biggest percentage decreases in employment from May to June (1.1%, 0.8% and 0.7%, respectively).
Nebraska had the lowest unemployment rate in the country in June (2.6%) and West Virginia had the highest unemployment rate (7.4%).
