The US four-week moving average of initial claims for unemployment insurance fell to 244,250, last week, down 3,750 from the previous week’s unrevised average, according to seasonally adjusted numbers released today by the US Department of Labor. This is the lowest level for this average since Nov. 3, 1973, when it was 244,000.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Feb. 4 fell to 234,000, down 12,000 from the previous week’s unrevised level.

This marks 101 consecutive weeks of initial claims below 300,000, the longest streak since 1970.

No special factors affected this week’s initial claims.

Bloomberg reports applications for unemployment benefits in the US unexpectedly declined last week to a nearly three-month low, echoing a vibrant job market. Initial claims fell more than the median forecast in its survey of economists, which called for initial claims to decline to 249,000.