Jobless claims plunge to their lowest level in 52 years

The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, with employers opting against layoffs amid a persistent shortage of workers.

Jobless claims dropped by 71,000 to 199,000, the lowest since mid-November 1969, according to figures released by the Labor Department on Thursday. The drop was much bigger than economists expected.

The four-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 slammed the economy. Overall, 2 million Americans were collecting traditional unemployment checks the week that ended Nov. 13, down slightly from the week before.