The number of Americans filing jobless claims fell to the lowest in close to 50 years last week. Based on historical trends, LPL Financial analysts argue this could signal a recession is further off than many expect.

The big picture: Jobless claims are a leading indicator, LPL Research Chief Investment Strategist John Lynch says. Historically, a 75,000–100,000 increase in claims over a 26-week period has been associated with a recession.

“The U.S. labor market remains strong and will help buoy consumer health and output growth this year,” Lynch said.

Yes, but: The data excludes 380,000 workers who went without pay because of the political impasse over President Trump’s plan to build a wall along the Mexican border.

Go deeper: Why you should stop worrying about a recession