The US four-week moving average of initial claims for unemployment insurance fell to 256,000 last week, down 4,750 from the previous week’s average, according to seasonally adjusted numbers released today by the US Department of Labor. This is the lowest level for this average since Dec. 8, 1973 when it was 252,250.

The previous week’s average was revised slightly 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 April 23 were 257,000, up 9,000 from the previous week’s upwardly revised level.

This marks 60 consecutive weeks of initial claims below 300,000, the longest streak since 1973.

No special factors affected this week’s initial claims.

Bloomberg reports the low level of firings indicates companies are optimistic about prospects for demand after a soft first quarter. Initial claims rose less than the median forecast in its survey of 50 economists, which called for initial claims to rise to 259,000.