The data from the Labor Department revealed on Thursday the number of applications for unemployment declined to the lowest in two months last week, but remained elevated.

According to the report, the initial claims for unemployment benefits decreased by 33,000 to 779,000 for the week ended January 30. This was the lowest reading since the week ended November 28. Still, claims remained well above pre-pandemic levels.

Economists had expected 830,000 new claims last week.

Claims for the prior week were revised downwardly to 812,000 from the initial estimate of 847,000.

Meanwhile, the four-week moving average of jobless claims fell to 848,250 from a downwardly revised 849,500 in the previous week.

Continuing claims decreased to 4,592,000 from an upwardly revised 4,785,000 in the previous week.