The US four-week moving average of initial claims for unemployment insurance fell to 221,000 last week, down 4,000 from the previous week’s average, the US Department of Labor reported. The previous week’s average was revised upward by 750.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended June 16 fell to 218,000, down 3,000 from the previous week’s level, which was revised upward by 3,000.

The four-week moving average for seasonally adjusted insured unemployment — continuing claims that represent how many people are already collecting unemployment benefits — fell by 4,750 to 1.72 million in early June, the lowest level for this metric since Dec. 1, 1973, when it was 1.71 million.

MarketWatch reported most people who want a job can find one. Unemployment is at an 18-year low and job openings are at a record high. Companies are looking for more skilled workers, however, and they are picky about whom they hire, which is why the rate of hiring hasn’t kept up with the increase in job openings.