The US four-week moving average of initial claims for unemployment insurance fell to 220,500 last week, down 5,000 from the previous week’s revised average, the US Department of Labor reported. This is the lowest level for this average since Dec. 27, 1969, when it was 219,750.

The previous week’s average was revised downward by 500.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Feb. 24 fell to 210,000, down 10,000 from the previous week’s level, which was revised downward by 2,000.

Claims-taking procedures in Puerto Rico and in the Virgin Islands still have not returned to normal.

Bloomberg reported the latest decline in weekly claims shows a tight labor market is increasingly pushing employers to hold on to existing staff amid a persistent shortage of qualified workers. Applications for jobless benefits are well below the 300,000 tally that’s typically considered consistent with a healthy labor market.