Jobless claims fell last week even further to a new post-1969 record of 203,000.

This is the lowest level for initial claims for state unemployment benefits since December 6, 1969 when it was 202,000.

The 4-week moving average, considered a better gauge of the labor market because it smooths out week-to-week volatility, fell to 209,500 from 212,250. This is the lowest level for this average since December 6, 1969 when it was 204,500.

Jobless claims have been closely watched in recent weeks for signs that trade disputes might weigh on the jobs market. To the surprise of many economists and critics of the Trump administration, jobless claims show no signs of stress from tariffs that U.S. has put in place or retaliation from foreign countries.