The data from the Labor Department revealed the number of applications for unemployment benefits fell to 49-year low last week, suggesting a further tightening in labor market conditions.

According to the report, the initial claims for unemployment benefits decreased 10,000 to 202,000 for the week ended March 30, the lowest level since early December 1969. 

Economists had expected 216,000 new claims last week. 

Claims for the prior week were revised upwardly to 212,000 from the initial estimate of 211,000.

Meanwhile, the four-week moving average of claims dropped 4,000 to 213,500 last week, the lowest level since early October 2018.