Data published by the Labor Department on Thursday revealed that the number of Americans filing for unemployment benefits is on the decline.

A Thursday report from the Labor Department highlighted a drop in the amount of Americans that are filing for unemployment benefits. According to the report, the economy has gained sufficient momentum to generate some inflation and shows overall signs of strengthening.

The report revealed that initial claims for state unemployment benefits dropped by 3,000 for the week that ended July 8. According to labor market measures, this is the 123rd straight week that the application threshold has remained below 300,000, which is associated by economists with a healthy labor market.

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