The US four-week moving average of initial claims for unemployment insurance rose last week to 262,750. The moving average rose by 3,500 from the previous week’s unrevised average, which was the lowest level since mid-December 1973, according to seasonally adjusted numbers released 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. 31 rose by 16,000 to 276,000 from the previous week’s unrevised level.

No special factors affected this week’s initial claims.