The data from the Labor Department showed on Thursday the number of applications for unemployment unexpectedly increase last week.

According to the report, the initial claims for unemployment benefits rose by 2,000 to 373,000 for the week ended July 3.

Economists had expected 350,000 new claims last week.

Claims for the prior week were revised upwardly to 371,000 from the initial estimate of 364,000.

Meanwhile, the four-week moving average of jobless claims decreased slightly to 394,500 from an upwardly unrevised 394,750 in the previous week.

Continuing claims fell to 3,339,000 from an upwardly revised 3,484,000 in the previous week. This was the lowest reading since March 2020.