The U.S. four-week moving average of initial claims for unemployment insurance fell by 16,000 in the week ended April 27 to a level of 342,250 from the previous week’s revised average of 358,250, according to seasonally adjusted numbers released today by the U.S. Department of Labor.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week reached the lowest level since January 2008 at 324,000, down 18,000 from the previous week’s revised figure of 342,000.