Jobless Claims in U.S. Drop to Lowest in Almost Five Decades

U.S. filings for unemployment benefits fell last week to the lowest level in almost five decades, indicating the job market remains tight, Labor Department figures showed Thursday.

The latest decline in weekly claims shows a tight labor market is increasingly pushing employers to hold on to existing staff amid a persistent shortage of qualified workers. Applications for jobless benefits are well below the 300,000 tally that’s typically considered consistent with a healthy labor market.