The number people filing new claims for unemployment insurance plunged last week to the lowest level in a year, the U.S. Labor Department reported. Claims dropped by a seasonally adjusted 32,000 to 383,000 for the week ending June 1.

With last week's decline, new jobless claims have fallen for three weeks straight and are now at their lowest level since May 5, 2001.

The more stable four-week moving average of new claims declined last week to 411,250, the lowest level since late March.