The US four-week moving average of initial claims for unemployment insurance edged down to 213,750 last week, down 250 from the previous week’s average, the US Department of Labor reported. However, the previous week’s average was revised upward by 250.

The four-week moving average smooths the volatility of the week-to-week numbers. Total initial claims for unemployment insurance for the week ended Nov. 3 fell to 214,000, down 1,000 from the previous week’s level, which was revised upward by 1,000.

Seasonally adjusted insured unemployment — continuing claims that represent how many people are already collecting unemployment benefits — fell by 8,000 to 1.62 million at the end of October to the lowest level since July 28, 1973, when it was 1.60 million.

MarketWatch reported the number of Americans collecting unemployment benefits fell to the lowest level since the summer of 1973, reinforcing a downward trend in layoffs that’s likely to continue to set fresh lows in the months ahead.