The number of Americans filing for unemployment benefits fell last week to near a 43-year low, suggesting labor market resilience even though hiring slowed sharply in May. [...]

The drop was the largest since February and left claims not too far from a 43-year low touched in March. Economists polled by Reuters had forecast initial claims falling only to 270,000 in the latest week.

Claims have now been below 300,000, a threshold associated with a strong job market, for 68 straight weeks, the longest streak since 1973.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,250 to 267,000 last week.