The numbers: The rate of layoffs in the U.S. fell again in late March and dropped to the lowest level since 1973.

Initial U.S. jobless claims declined by 12,000 to 215,000 in the seven days ended March 24, the government said Thursday. Economists surveyed by MarketWatch had forecast claims to total 230,000.

The more stable monthly average of claims dipped by 500 to 224,500.

The number of people already collecting unemployment benefits, known as continuing claims, rose by 35,000 to 1.87 million.

Economists surveyed by MarketWatch had forecast claims to total 230,000.

What happened: Jobless claims are at the lowest level since January 1973. They fell throughout most of the country last week, with the biggest declines coming in the biggest states: California, Texas, New York, New Jersey and Virginia.

The latest report contains the annual benchmark revisions that go back five years to 2013. The Labor Department undertakes the process each year to make sure the claims report is as accurate as possible.

The revisions erased the previous low in jobless claims, a reading of 210,000 last month that would have been the lowest since 1969.

But no matter. Layoffs in the U.S. is extremely low, as reflected by a 4.1% unemployment rate that is the smallest in 17 years.

Most companies have enough trouble finding skilled workers to fill open jobs that they are reluctant to see veteran employees go for any reason.

Big picture: The labor market is so strong that it’s even drawing back in people who’ve been out of the workforce for years. And it doesn’t show any sign of letting up.

The economy added 313,000 new jobs in February and economists predict another solid gain of around 200,000 in March. The March employment report will be issued at the end of next week.