The data from the Labor Department revealed the number of applications for unemployment benefits fell more than expected, a sign the labor market is regaining its footing following the longest-ever government shutdown.

According to the report, the initial claims for unemployment benefits decreased 23,000 to 216,000 for the week ended February 16. 

Economists had expected 229,000 new claims last week. 

Claims for the prior week were unrevised at 239,000.

Meanwhile, the four-week moving average of claims rose 4,000 to 235,750 last week, the highest level since January 2018. This implies the labor market was slowing down.