The US four-week moving average of initial claims for unemployment insurance fell by 4,000 last week to a total of  282,500 from the previous week’s unrevised average, 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 July 18 fell by 26,000 to a total of 255,000 from the previous week’s upwardly revised level. This is the lowest level for initial claims since Nov. 24, 1973, when it was 233,000.

No special factors affected this week’s initial claims.

Bloomberg reports claims fell more than its median forecast of 47 economists, which called for 278,000 claims. The claims decline continues to unwind an early-July surge that was probably tied to mid-year factory shutdowns and school vacations, according to Bloomberg.

“We should always take this summer period for claims with a grain of salt," ABC News quoted Jennifer Lee, an economist at BMO Capital Markets, as saying. “From a long-term perspective, we’re still looking at claims bobbing around at the lowest level in ages.”