The U.S. four-week moving average of initial claims for unemployment insurance fell by 6,250 in the week ended May 4 to a level of 336,750 from the previous week’s revised average of 343,000, 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 a five-year low at 323,000, down 4,000 from the previous week’s revised figure of 327,000.