Unemployment lowest level in half a century

(AP) The number of Americans applying for unemployment benefits fell last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding from last year’s coronavirus recession. Jobless claims dropped by 71,000 to 199,000, the lowest since mid-November 1969. The drop was much bigger than economists expected. The 4-week average of claims, which smooths out weekly ups and downs, also dropped by 21,000 to just over 252,000, the lowest since mid-March 2020 when the pandemic impacted the economy. Seasonal adjustments around the Thanksgiving holiday contributed significantly to the bigger-than-expected drop.


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