Labor market bellwether

The Labor Department reports today its latest weekly figures on unemployment benefits applications.

Jobless aid applications dropped two weeks ago to a seasonally adjusted 241,000, a further indication of the health of the labor market. The four-week average of applications, a less volatile measure, rose to 237,250. Applications are a proxy for layoffs. They have now come in below 300,000 for 106 weeks, the longest such streak since 1970.