The data from the Labor Department revealed on Thursday the number of applications for unemployment unexpectedly fell more than expected 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 751,000 for the week ended October 24. That was the lowest level since the U.S. went into coronavirus lockdown in mid-March.

Economists had expected 775,000 new claims last week.

Claims for the prior week were revised upwardly to 791,000 from the initial estimate of 787,000.

Meanwhile, the four-week moving average of claims dropped to 787,750 from an upwardly revised 812,250 in the previous week.

Continuing claims declined to 7,756,000 million from an upwardly revised 8,465,000 in the previous week.