The US economy continued to roar to life under President Donald Trump and the Republican-led Congress this week, with new data showing the number of Americans filing for unemployment dropping to a 49-year-low.

According to CNBC, jobless claims dropped over 8,000 for the week ending September 29th to just 207,000; levels not seen since November 1969.

“The labor market, which is viewed as being near or at full employment, is steadily boosting wage growth, which could help to support consumer spending as the stimulus from the Trump administration’s $1.5 trillion tax cut package fades,” writes CNBC.

“Thursday’s claims report also showed the number of people receiving benefits after an initial week of aid fell 13,000 to 1.65 million for the week ended Sept. 22. The four-week moving average of the so-called continuing claims decreased 15,250 to 1.66 million, the lowest level since October 1973,” adds the article.

Read the full report at CNBC.