The data from the Labor Department revealed on Thursday the number of applications for unemployment fell more than expected last week, but remain 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 42,000 to 712,000 for the week ended March 6. This was the lowest reading since the week ended November 8. Still, claims remained well above the pre-pandemic levels.

Economists had expected 725,000 new claims last week.

Claims for the prior week were revised upwardly to 754,000 from the initial estimate of 745,000.

Meanwhile, the four-week moving average of jobless claims declined to 759,000 from an upwardly revised 793,000 in the previous week.

Continuing claims dropped to 4,144,000 from an upwardly revised 4,337,000 in the previous week.