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

According to the report, the initial claims for unemployment benefits totaled 709,000 for the week ended November 7. This was the lowest level since the U.S. went into coronavirus lockdown in mid-March, but well above pre-pandemic levels.

Economists had expected 735,000 new claims last week.

Claims for the prior week were revised upwardly to 757,000 from the initial estimate of 751,000.

Meanwhile, the four-week moving average of claims decreased to 755,250 from an upwardly revised 788,500 in the previous week.

Continuing claims declined to 6,786,000 million from a downwardly revised 7,222,000 in the previous week.