The US four-week moving average of initial claims for unemployment insurance fell last week to 265,000, the lowest level since December 1973. The moving average fell 2,250 from the previous week’s average, which was revised slightly downward, 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 Oct. 10 was 255,000, a decrease of 7,000 from the previous week’s downwardly revised level and the lowest level in four decades.

No special factors affected this week’s initial claims.

Bloomberg reported claims fell more than the median forecast in its survey of 45 economists, which projected claims would fall to 270,000.

“These numbers are pretty impressive,” said Brian Jones, senior US economist at Société Générale in New York, who correctly projected the number of applications. “Both the initial and continuing claims numbers are consistent with the fact that we have a labor market that’s fairly tight and continues to improve.”