he number of Americans collecting unemployment benefits fell last week to the lowest level since Richard Nixon was president.

THE NUMBERS: The Labor Department said Thursday that claims for jobless aid dropped by 22,000 to 222,000, fewest since March 1973. The less volatile four-week average slid by 9,500 to 248,250, lowest since late August.

The overall number of Americans collecting unemployment checks dropped to 1.89 million, lowest since December 1973 and down nearly 9 percent from a year ago.

THE TAKEAWAY: Unemployment claims are a proxy for layoffs. The low level suggests that employers are confident enough in the economy to hold onto workers.

The unemployment rate last month hit a 16-year low 4.2 percent. Employers cut...read more at Chicago Tribune