WASHINGTON -- The number of Americans applying for jobless benefits fell to the lowest level in more than three months last week, reflecting a still-robust job market despite the Federal Reserve's efforts to cool the economy and bring down decades-high inflation.The labor market is closely monitored by Fed policymakers, who raised interest rates seven times last year in a bid to slow job growth and bring down stubbornly high inflation.U.S. futures dropped sharply on worries that a hot jobs market will mean the Fed will continue with aggressive rate hikes well into the new year.About 1.69 million people were receiving jobless aid the week that ended Dec. 24, about 24,000 fewer than the week before.That would mark a significant increase in joblessness and typically would reflect a recession, which many economists have predicted."