The US four-week moving average of initial claims for unemployment insurance fell to 241,000, last week, down 4,000 from the previous week’s average, according to seasonally adjusted numbers released today by the US Department of Labor. This is the lowest level for this average since July 21, 1973, when it was 239,500. The previous week’s average was revised downward by 250.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Feb. 18 rose to 244,000, up 6,000 from the previous week’s level, which was revised downward by 1,000.

This marks 103 consecutive weeks of initial claims below 300,000, the longest streak since 1970.

No special factors affected this week’s initial claims, although claims were estimated for Hawaii, Virginia and Wyoming.

Bloomberg reports a tight labor market and growing economy are prompting companies to hold on to employees, setting the stage for larger wage gains. Initial claims rose more than the median forecast in its survey of economists, which called for initial claims to rise to 240,000.