To be sure, unemployment claims were lower in the late 1960's and early 1970's, but if you were to normalize claims by the size of the labor force, a difference picture appears. The unemployment claims to civilian labor ratio is at all-time-lows!
The record low could be attributable to problems with the participation rate, which has shrunk the size of the labor force. Nevertheless, these charts are highly suggestive that there isn't a lot of labor slack, which could prompt the Fed to be more aggressive in normalizing interest rates.
When viewing the US economy through the weekly claims prism, this analysis presents a scary thought for the prices of risky assets.