The data from the Labor Department revealed on Thursday the number of applications for unemployment decrease more than expected last week. 

According to the report, the initial claims for unemployment benefits fell by 51,000 to 364,000 for the week ended June 26. This was the lowest reading since March 2020, when the COVID-19 pandemic struck.

Economists had expected 390,000 new claims last week.

Claims for the prior week were revised upwardly to 415,000 from the initial estimate of 411,000.

Meanwhile, the four-week moving average of jobless claims decreased to 392,750 from an upwardly unrevised 398,750 in the previous week.

Continuing claims rose to 3,469,000 from an upwardly revised 3,413,000 in the previous week.