The US four-week moving average of initial claims for unemployment insurance fell to 264,000 last week, down 1,250 from the previous week’s unrevised average, according to seasonally adjusted numbers released today by the US Department of Labor.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Aug. 20 were 261,000, down 1,000 from the previous week’s unrevised level.

This marks 77 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 fell to the lowest level in five weeks, another sign of endurance in the labor market. Companies are retaining workers, particularly those with experience and skills, keeping claims close to four-decade lows and the jobless rate below 5%. Initial claims fell more than the median forecast in its survey of economists, which called for initial claims to increase to 265,000.