The US four-week moving average of initial claims for unemployment insurance fell to 231,250 last week, down 1,250 from the previous week’s unrevised average, according to seasonally adjusted numbers released today by the US Department of Labor. This is the lowest level for this average since March 31, 1973, when it was 227,750.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Nov. 4 rose to 239,000, up 10,000 from the previous week’s unrevised level.

Reuters reported the number of Americans filing for unemployment benefits rose more than expected last week, suggesting that claims processing disrupted by recent hurricanes has begun to improve. Economists polled by Reuters had forecast claims rising to 231,000 in the latest week. They have declined from an almost three-year high of 298,000 reached at the start of September in the aftermath of hurricanes that destroyed parts of Texas, Florida, Puerto Rico and the Virgin Islands.