The US four-week moving average of initial claims for unemployment insurance fell to 221,500 last week, down 7,750 from the previous week’s unrevised average, the US Department of Labor reported. This is the lowest level for this average since March 3, 1973, when it was 221,250.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended April 28 rose to 211,000, up 2,000 from the previous week’s unrevised level, which was the lowest level since 1969.

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

MarketWatch reported the US labor market is in the best shape of the nine-year expansion. The low level of claims suggests that solid job growth will continue and the unemployment rate will continue to fall. Its poll of economists had forecast initial claims to total 225,000.