data from the Labor Department revealed on Thursday the number of applications
for unemployment decrease much more than expected last week, hitting its lowest
level in more than a year.
According to the report, the initial claims for unemployment benefits dropped by 193,000 to 576,000 for the week ended April 10. This was the lowest reading since March 2020.
Economists had expected 700,000 new claims last week.
Claims for the prior week were revised upwardly to 769,000 from the initial estimate of 744,000.
Meanwhile, the four-week moving average of jobless claims fell to 683,000 from an upwardly revised 730,250 in the previous week.
Continuing claims rose to 3,731,000 from a downwardly revised 3,727,000 in the previous week.
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