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

This was the lowest reading since mid-March of 2020 when the COVID-19 pandemic struck.

Economists had expected 363,000 new claims last week.

Claims for the prior week were revised upwardly to 377,000 from the initial estimate of 375,000.

Meanwhile, the four-week moving average of jobless claims dropped to 377,750 from an upwardly revised 396,750 in the previous week.

As for continuing claims, they declined to 2,820,000 from an upwardly revised 2,899,000 in the previous week.