Jobless claims tumble lowest level since 1968

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The number of Americans filing for unemployment benefits last week tumbled to the lowest level in more than half a century, the latest evidence of an increasingly tight labor market. Figures released Thursday by the Labor Department show that applications for the week ended April 2 dropped to 166,OOO from the revised 171,OOO a week earlier, easily beating the 2OO,OOO forecast by Refinitiv analysts. It marked the lowest level for jobless claims since Nov. 30, 1968. Claims have hovered around historic lows as the economy continues to recover under President Biden and Americans ramp up their spending levels. Americans' incomes are rising across the board as employers have ramped up hiring.