Applications for unemployment benefits hit a near 43-year low last week, indicating a strong labor market. The Department of Labor announced a seasonally adjusted 249,000 unemployment benefits claims, 8,000 fewer than economists had predicted. Over the past four weeks, the moving average of Americans filing for benefits has fallen to 253,500. Overall, despite a gradual decrease in job growth, the market is still strong enough able to accept new job entrants. The U.S. Federal Reserve has noted that if the labor market continues in this strong trend, it may choose to raise rates by the end of the year.
See "U.S. Jobless Claims Fall, Point to Labor Market Strength", Lindsay Dunsmuir, Reuters, October 6, 2016