The U.S. four-week moving average of initial claims for unemployment insurance fell by 3,000 in the week ended July 12 to 309,000 from the previous week’s unrevised figure of 312,000, according to seasonally adjusted numbers released today by the U.S. Department of Labor. This is the lowest level for this average since June 2007 when it was 307,500.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week fell by 3,000 to a total of 302,000 from the previous week’s upwardly revised figure of 305,000.

Bloomberg reports the unexpected drop shows further healing in the labor market.