The number of Americans filing new applications for unemployment benefits fell to 203,000 last week, signalling continued resilience in the U.S. labor market despite ongoing broader economic shifts.

Data released by the Labor Department shows initial jobless claims dropped slightly from the previous week’s revised figures. The four-week moving average, which smooths out week-to-week volatility, also reflected a steady labor market where employers generally remain hesitant to let go of workers.

While major corporate sectors have announced targeted headcount reductions in recent months, overall layoffs across the economy remain historically subdued. Continuing claims—which measure the total number of people receiving ongoing unemployment assistance—held relatively stable, suggesting that displaced workers are still finding new opportunities relatively quickly.