The data from the Labor Department revealed on Thursday the number of applications for unemployment fell more than forecast last week, but remained elevated, as the U.S. labor market struggles to recover from its biggest shock in history, caused by the COVID-19 pandemic.

According to the report, the initial claims for unemployment benefits decreased by 111,000 to 730,000 for the week ended February 20. This was the lowest reading since the week ended November 29. Still, claims remained well above the pre-pandemic levels.

Economists had expected 838,000 new claims last week.

Claims for the prior week were revised downwardly to 841,000 from the initial estimate of 861,000.

Meanwhile, the four-week moving average of jobless claims declined to 807,750 from a downwardly revised 828,250 in the previous week.

Continuing claims dropped to 4,419,000 from an upwardly revised 4,520,000 in the previous week.