Americans filed the fewest claims for jobless benefits in nearly 44 years last week, a sign that employers are hanging on to workers as the labor market tightens.

First-time claims for unemployment benefits for the week ending Feb. 25 decreased 19,000 to a seasonally adjusted 223,000, the lowest level since March 31, 1973, the Labor Department reported on Thursday.

The four-week moving average, which is a less volatile measure of the job market’s health, fell 6,250 to 234,250, the lowest level since April 14, 1973, when it was 232,750.

A Moody’s Analytics note on the report said that "initial claims are too good to be true."

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"Though claims hit a new cyclical low, we caution against reading too much into it," the note said.

The data include Presidents Day, and claims can fluctuate around holidays, making them less useful in determining the health of the labor market.

"The trend remains favorable but is likely being distorted by favorable weather and seasonal adjustment issues surrounding the holidays."

Unemployment claims, which are a proxy for layoffs, have been below 300,000 for two straight years, the best streak since 1970.

Employers added 227,000 jobs in January, while the unemployment rate was 4.8 percent, gradually nearing a level that economists say represents full employment.

The Labor Department will release the February jobs report March 10.