Continuing claims for unemployment benefits fell 48,000 to 1,475,000 last week, the Department of Labor reported Thursday, the lowest level since 1970 and a sign that jobs are abundant and the labor market is tight.

Separately, the number of new applications for unemployment benefits rose by 18,000 last week to 185,000, remaining near the lowest level for initial claims since 1969. Weekly jobless claims are seen as a proxy for layoffs and have been watched closely as the Federal Reserve hiked its interest rate target.