The US four-week moving average of initial claims for unemployment insurance fell to 208,000 last week, down 2,000 from the previous week’s average, the US Department of Labor reported. This is the lowest level for this average since Dec. 6, 1969, when it was 204,500. The previous week’s average was revised up by 500.

The four-week moving average smooths the volatility of the week-to-week numbers. Total initial claims for unemployment insurance for the week ended Sept. 9 fell to 204,000, down 1,000 from the previous week’s level, which was revised up by 2,000; this is also lowest level since Dec. 6, 1969, when it was 202,000.

Economists polled by Reuters had forecast claims rising to 210,000 in the latest week. The claims data covered last Monday’s Labor Day holiday, and claims tend to be volatile around public holidays. Reuters reported that although there have been reports of some companies either planning job cuts or laying off workers because of trade tensions between the US and its major trade partners, they have been partially offset by increased hiring in the steel industry.