The Labor Department released a report on Thursday showing an unexpected decrease by first-time claims for U.S. unemployment benefits in the week ended April 20th.

The report said initial jobless claims fell to 207,000, a decrease of 5,000 from the previous week’s unrevised level of 212,000. The dip surprised economists, who had expected jobless claims to inch up to 214,000.

The Labor Department said the less volatile four-week moving average also edged down to 213,250, a decrease of 1,250 from the previous week’s unrevised average of 214,500.

A separate report released by the Commerce Department on Thursday showed the U.S. economy grew by much less than expected in the first quarter of 2024.

The Commerce Department said gross domestic product increased by 1.6 percent in the first quarter after surging by 3.4 percent in the fourth quarter of 2023. Economists had expected GDP to jump by 2.5 percent.

The notable slowdown in GDP growth primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending.

At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of March. Pending home sales are expected to rise by 0.3 percent in March after jumping by 1.6 percent in February.

The Treasury Department is due to announce the results of this month’s auction of $44 billion worth of seven-year notes at 1 pm ET.