The US four-week moving average of initial claims for unemployment insurance fell to 218,000 last week, down 2,750 from the previous week’s revised average, the US Department of Labor reported today. The previous week’s average was revised upward by 250.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended July 21 rose to 217,000, up 9,000 from the previous week’s level, which was revised up by 1,000.

Reuters reported initial claims rose more than forecast in its poll of economists, which predicted claims rising to 215,000 in the latest week. The number of Americans filing for unemployment benefits rose from a more than 48-year low last week but continued to point to a tightening labor market. The labor market is considered to be near or at full employment, and employment gains averaged 215,000 jobs per month in the first half of this year.