Last week saw a decrease in the number of Americans applying for unemployment benefits, indicating that layoffs remain at relatively stable levels, even amid ongoing high-interest rates.

According to the Labor Department’s report released on Thursday, applications for jobless claims dropped by 12,000, bringing the total to 216,000 for the week ending October 26. This figure is notably below the 227,000 that analysts had anticipated.

Jobless benefit applications serve as an indicator of layoffs within the U.S. labor market, and the drop in claims reflects resilience in employment conditions.

The four-week moving average of these weekly claims also saw a reduction, decreasing by 2,250 to reach 236,500, which helps smooth out the variability from week to week.

In addition, continuing claims, which account for the total number of individuals currently receiving unemployment benefits, fell by 26,000, totaling 1.86 million for the week ending October 19.