The data from the Labor Department revealed on Thursday the number of applications for unemployment unexpectedly decreased last week, hitting its lowest level in more than a year.

According to the report, the initial claims for unemployment benefits dropped by 39,000 to 547,000 for the week ended April 17. This was the lowest reading since March 2020.

Economists had expected 617,000 new claims last week.

Claims for the prior week were revised upwardly to 786,000 from the initial estimate of 576,000.

Meanwhile, the four-week moving average of jobless claims fell to 651,000 from a downwardly revised 678,750 in the previous week.

Continuing claims declined to 3,674,000 from a downwardly revised 3,708,000 in the previous week.