The data from the Labor Department revealed on Thursday the number of applications for unemployment fell more than expected last week, hitting a fresh pandemic-era low.

According to the report, the initial claims for unemployment benefits dropped by 92,000 to 498,000 for the week ended May 1. This was the lowest reading since March 2020.

Economists had expected 540,000 new claims last week.

Claims for the prior week were revised upwardly to 590,000 from the initial estimate of 553,000.

Meanwhile, the four-week moving average of jobless claims fell to 560,000 from an upwardly revised 621,000 in the previous week.

Continuing claims rose to 3,690,000 from a downwardly revised 3,653,000 in the previous week.