The US four-week moving average of initial claims for unemployment insurance was 237,750 last week, down 2,750 from the previous week’s unrevised average and the lowest level since May, according to seasonally adjusted numbers released today by the US Department of Labor.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Aug. 19 rose to 234,000, up 2,000 from the previous week’s unrevised level.

Reuters reports the number of Americans filing for unemployment benefits rose less than expected last week, suggesting a further tightening in labor market conditions. Economists it polled predicted claims would rise to 238,000.