The numbers: The number of Americans losing their jobs and applying for unemployment benefits each week remained near a 49-year low in mid-October, suggesting no visible deterioration in a U.S. labor market.

Initial jobless claims, one measure of layoffs, dropped by 5,000 to 210,000 in the seven days ended Oct. 13. That matched the average forecast of economists polled by MarketWatch.

The monthly average of new claims edged up by 2,000 to 211,750, the government said Thursday.

What happened: The number of new applications for unemployment benefits tapered off in the Carolinas and returned to more normal levels as the cleanup from Hurricane Florence hit a crescendo.

New jobless claims have been under 220,000 since early July, a remarkable stretch last duplicated almost a half-century ago.

The number of people already collecting unemployment benefits, meanwhile, fell by 13,000 to 1.64 million. These “continuing” claims touched the lowest level since Aug. 4, 1973.

Big picture: It can’t get a whole lot better in the U.S. job market. Openings just hit a record high, the U.S. unemployment rate has fallen to a 48-year low of 3.7% and hiring remains robust.

Read:U.S. job openings hit a record 7.1 million, exceed number of unemployed Americans

The demand for labor is so strong it’s pushing up the cost of worker compensation—wages and benefits—and giving an economic growth cycle that’s now more than nine years old the staying power to become the longest expansion ever.

The one downside?

The Federal Reserve is raising interest rates and making it more expensive for businesses and consumers to borrow money. The central bank is trying to ensure a raging economy doesn’t stoke destructively high inflation.

What they are saying? “The signal being flashed by claims is that further declines are likely in the jobless rate,” said Joshua Shapiro, chief economist at MFR Inc.

Market reaction: The Dow Jones Industrial Average DJIA, +1.33% and the S&P 500 SPX, +1.59% fell again in Thursday trades. Stocks have struggled for traction after big losses last week.