The US four-week moving average of initial claims for unemployment insurance rose to 248,000, last week, up 2,250 from the previous week’s revised average, according to seasonally adjusted numbers released today by the US Department of Labor. The previous week’s average was revised up by 250.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Jan. 28 fell to 246,000 from the previous week’s level of 14,000.

This marks 100 consecutive weeks of initial claims below 300,000, the longest streak since 1970.

No special factors affected this week’s initial claims.

Bloomberg reports the sustained trend of historically low jobless claims shows businesses are retaining existing employees as they face a shortage of skilled workers amid a tight labor market. Initial claims fell more than the median forecast in its survey of economists, which called for initial claims to decline to 250,000.