Weekly applications for US jobless aid drop to 235,000

WASHINGTON — The number of Americans seeking unemployment benefits dropped significantly last week, a sign of a robust job market.

THE NUMBERS: Weekly requests for jobless aid fell 28,000 to a seasonally adjusted 235,000, the Labor Department said Thursday. That is barely above the 233,000 jobless claims achieved in late November, the lowest weekly total since 1973. The less volatile four-week moving average for claims fell 5,750 to 256,750.

During the past 12 months, the number of people receiving benefits has tumbled 5 per cent to 2.1 million.

THE TAKEAWAY: This historically low level of applications for unemployment benefits suggests that employers are holding onto workers and likely looking to add jobs. Weekly claims have stayed below the critical threshold of 300,000 for 96 straight weeks, the longest streak since 1970.