U.S. Layoffs Are Near A 57-Year Low. But Finding a Job is Increasingly Hard for Many.

Approximately 1.94 million Americans had been unemployed for 27 weeks or longer in September, representing 27.1% of all unemployed workers. (Credit: Getty Images)

New applications for U.S. unemployment benefits have fallen to one of their lowest levels in more than five decades, but a closer look at the labor market reveals a difficult reality for Americans who are searching for work.

Initial claims dropped by 6,000 to a seasonally adjusted 194,000 in the week ending Oct. 17, according to figures released Thursday by the U.S. Department of Labor. That was the lowest reading since July, when claims reached 189,000, a level not seen since 1969.