Filings for unemployment plummeted to 199,000 on Nov. 20, the lowest levels since November 1969, The Wall Street Journal reported Nov. 24.
In 2019, weekly claims averaged about 218,000 and then hit a record of 6.1 million on the week of April 4, 2020, as the pandemic took a hold. Now, unemployment filings have dropped by 71,000 from the previous week ending Nov. 13.
These figures signal the tightening of the labor market, with fewer employees being laid off and companies vying for a smaller pool of workers.
Employers also added 531,000 jobs to the market in October.