Jobless claims last week reached their lowest level since Feb. 24, 1973, when they fell 41,000 to a total of 220,000, the US Department of Labor reported.

The four-week moving average of claims was 244,500, a decrease of 6,250 from the previous week’s unrevised average of 250,750.

CNBC reported the decline was more than expected, but the decline may have overstated the health of the labor market as data for several states were estimated.