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US Jobless Claims Plunge To 199,000, Lowest In 52 years

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Holiday hiring sign is displayed at a retail store in Vernon Hills, Ill., Saturday, Nov. 13, 2021. The number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low 268,000. U.S. jobless claims dipped by 1,000 last week from the week before, the Labor Department reported Thursday, Nov. 18. (AP Photo/Nam Y. Huh)

(AP) — The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly 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 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.

 

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