The data from the Labor Department revealed on Thursday the number of applications for unemployment unexpectedly decreased more than forecast last week, as the U.S. labor market is continuing a recovery from its biggest shock in history, caused by the COVID-19 pandemic.

According to the report, the initial claims for unemployment benefits totaled 787,000 for the week ended October 17. That was the lowest level since the U.S. went into coronavirus lockdown in mid-March.

Economists had expected 860,000 new claims last week.

Claims for the prior week were revised downwardly to 842,000 from the initial estimate of 898,000.

Meanwhile, the four-week moving average of claims dropped to 811,250 from a downwardly revised 832,750 in the previous week.

Continuing claims declined to 8,373,000 million from a downwardly revised 9,397,000 in the previous week.