The U.S. four-week moving average of initial claims for unemployment insurance fell by 11,250 in the week ended May 24 to 311,500 from the previous week’s revised figure of 322,750, according to seasonally adjusted numbers released today by the U.S. Department of Labor.  This is the lowest level for this average since Aug. 11, 2007 when it was 311,250.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week fell by 27,000 to a total of 300,000 from the previous week’s upwardly revised figure of 327,000.

Bloomberg reports fewer dismissals may be a sign that companies, already lean from recession-era job cutting, are gearing up for improving demand as the economy shows signs of rebounding from a first-quarter slump.