The US four-week moving average of initial claims for unemployment insurance fell to 264,750 last week, down 2,500 from the previous week’s average, according to seasonally adjusted numbers released today by the US Department of Labor. The previous week’s average was revised upward by 500.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended July 2 were 254,000, down 16,000 from the previous week’s level, which was revised upward by 2,000.

This marks 70 consecutive weeks of initial claims below 300,000, the longest streak since 1973.

No special factors affected this week’s initial claims.

Bloomberg reports initial jobless claims unexpectedly declined last week to the lowest level since mid-April, signaling labor market stability amid a shaky global economy. Initial claims fell more than the median forecast in its survey of economists, which called for initial claims to edge down to 269,000.