Jobless claims drop to lowest point in four decades

Fewer people are applying for unemployment benefits than at any time since the Nixon administration.

The four-week average for new jobless claims fell to 265,000 for the week ending Oct. 10, the Department of Labor reported Thursday.

That was the lowest number of claims since Dec. 15, 1973.

The average was dragged down by the filing of just 255,000 first-time claims in the week, on a seasonally-adjusted basis.