Filings for U.S. unemployment benefits fell last week to the second-lowest level since 1973.
Jobless claims dropped by 5,000 to 249,000 in the week ended Oct. 1, according to the Labor Department.
Filings were just above the four-decade low of 248,000 from April.
This is nothing close to what a recession looks like. The idea that the Fed is going to reverse its December 2015 rate cut, as Austrian-lites have forecasted, is absurd.