The ranks of those submitting jobless claims tumbled to their lowest level in more than 52 years last week, the Labor Department reported Wednesday.
New filings totaled 199,000, a number not seen since Nov. 15, 1969, when claims totaled 197,000. The report easily beat Dow Jones estimates of 260,000 and was well below the previous week’s 270,000.
Along with the drop in weekly claims, continuing claims, which run a week behind, fell by 60,000 to 2.05 million, a fresh pandemic-era low and a strong sign that the labor market is getting notably tighter.
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JUST IN: Weekly jobless claims post stunning decline to 199,000, the lowest level since 1969 https://t.co/ZoyvRE5l3d
— CNBC Now (@CNBCnow) November 24, 2021
Weekly U.S. jobless claims hit lowest level since 1969 https://t.co/qVb1pnnJOZ
— MarketWatch (@MarketWatch) November 24, 2021
— Carl Quintanilla (@carlquintanilla) November 24, 2021