The four-week average of initial jobless claims, a less volatile measure than the weekly figure, has fallen to a historic level, clocking in at its lowest point since December 1973.

The figure, which -- according to the U.S. Department of Labor -- decreased to 263,250 from 265,250 in the prior week, means the domestic labor market continues to roar. Many economists see it as a key indicator, suggesting the U.S. economy can continue to grow despite a difficult global outlook, MarketWatch reported.

Companies across the United States are laying off very few workers, and the overall job market is so strong that there is not much room for the claims numbers to come down any further, NBC News noted. Even the more volatile four-week moving average of continuing claims, meanwhile, was the lowest since late 2000, the network added.

Jim Baird, chief investment officer for Plante Moran Financial Advisors, told The Wall Street Journal that the Labor Department statistics pointed to widespread stability.

"Employers may not be adding jobs at the same pace as earlier in the year, but they appear content with their current workforce," Baird said.

But, Neil Dutta, the head of U.S. economics at Renaissance Macro, cautioned observers not to get overly excited because the positive numbers may lend themselves to false expectations, Reuters detailed.

"We would much rather watch jobless claims fall than rise," Dutta said. "That being said, initial claims overstates the strength in the labor market."

And there are some signs of a slowdown, given that employers added just 142,000 jobs in September, and the federal government sharply lowered its estimate of gains in July and August, the Associated Press cautioned. On average, job growth has come to 167,000 in the quarter from July to September, a figure the newswire called "mediocre."

"Despite the solid trend in claims, we have seen some slowing in improvements in other labor market indicators, namely non-farm payrolls," said Laura Rosner, an economist at BNP Paribas, according to the AP.