New weekly jobless claims have fallen to the lowest level in more than half a century, according to numbers released by the Biden administration Wednesday. At the same time, prices rose at the fastest rate since the early 1990s, as inflation continues to spike.

The Department of Labor reported that seasonally adjusted initial jobless claims fell by 71,000 last week to 199,000. This is the lowest number of initial claims since Nov. 15, 1969, when Richard Nixon was president.

The report marks a milestone for the labor market’s recovery from the pandemic. Through 2019, there were an average 218,000 jobless claims each week. President Joe Biden celebrated the new numbers as a “historic jobs recovery” in a statement.