Number of Americans collecting jobless aid falls to lowest level since 1970

The number of Americans collecting unemployment benefits fell to a 52-year low after another decline in jobless aid applications last week.

Jobless claims fell by 17,000, from 249,000 to 232,000 for the week ending February 19, the Labor Department reported Thursday.

The four-week average for claims, which compensates for weekly volatility, fell by 7,250 to 236,250. It was the third straight week of declines after claims rose for five weeks as the Omicron variant of the coronavirus spread, disrupting businesses in many parts of the U.S. First-time applications for jobless aid generally track the pace of layoffs, which are back down to fairly healthy pre-pandemic levels.