The data from the Labor Department revealed on Thursday the number of applications for unemployment fell more than expected last week, but remained elevated. 

According to the report, the initial claims for unemployment benefits decreased by 67,000 to 847,000 for the week ended January 23. Still, claims remained well above pre-pandemic levels.

Economists had expected 875,000 new claims last week.

Claims for the prior week were revised upwardly to 914,000 from the initial estimate of 900,000.

Meanwhile, the four-week moving average of rose grew to 868,000 from an upwardly revised 851,750 in the previous week.

Continuing claims fell to 4,771,000 from a downwardly revised 4,974,000 in the previous week.