WASHINGTON (MarketWatch) — The last time the number of Americans applying for unemployment benefits was averaging this low, Richard Nixon was president.

Initial jobless claims in the period running from Sept 19 to Sept. 26 rose by 10,000 to a seasonally adjusted 277,000, the Labor Department said Thursday.

Although that’s the highest of new claims in a month, the weekly average in 2015 is now the lowest since the early 1970s. The level of new claims sank below 300,000 in early March and has remained there for 30 straight weeks, a feat last accomplished in 1973, when the nation’s working population was 40% smaller.

The average of initial claims over the past month fell by 1,000 to 270,750, also the lowest level since 1973, the government said. The four-week average smooths out sharp fluctuations in the more volatile weekly report and is seen as a more accurate predictor of labor-market trends.

The small number of people losing their jobs each week reflects steady improvement in the U.S. labor market over the past few years that has driven the unemployment rate down to 5.1%.

The U.S. has added an average of 212,000 jobs a month in 2015, and economists forecast a 200,000 increase in September. The government will issue the latest employment report on Friday morning.

Nor does it seem likely that companies will increase layoffs anytime soon. Job openings recently hit an all-time high, and many firms complain about an inability to find suitably skilled workers to fill open positions.

One big caveat: More than 16 million Americans who say they want a full-time job still can’t find one, an unusually high number so late into an economic recovery.

The government also said continuing jobless claims declined by 53,000 to 2.19 million in the week ended Sept. 19, marking the lowest level since November 2000. These claims reflect people already receiving weekly unemployment checks.