The number of workers applying for unemployment benefits in the United States dropped sharply last week to a level not seen in 52 years, adding to signs of a tightening labor market and suggesting businesses were reluctant to let go of workers.
First-time filings for unemployment insurance—a proxy for layoffs—came in at 184,000 for the week ending Dec. 4, the Labor Department said in a report (pdf). That’s a drop of 43,000 from the prior week’s revised level of 227,000 and well-below consensus forecasts of 215,000.
