The U.S. four-week moving average of initial claims for unemployment insurance fell by 2,250 in the week ended May 31 to 310,250 from the previous week’s revised figure of 312,500, according to seasonally adjusted numbers released today by the U.S. Department of Labor. This is the lowest level for this average since June 2, 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 rose by 8,000 to a total of 312,000 from the previous week’s upwardly revised figure of 304,000.