The US four-week moving average of initial claims for unemployment insurance fell to 232,500 last week, down 7,250 from the previous week’s revised average, according to seasonally adjusted numbers released today by the US Department of Labor. This is the lowest level for this average since April 7, 1973, when it was 232,250.

The previous week’s average was revised 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 Oct. 28 fell to 229,000, down 5,000 from the previous week’s level, which was revised upward by 1,000.

Reuters reported the number of people filing for unemployment benefits offered further evidence that the labor market was tightening despite hurricane-related disruptions in September. Additionally, another report showed US worker productivity increased at its fastest pace in three years in the third quarter but the trend remained moderate, suggesting that a recent acceleration in economic growth was unlikely to be sustained.