Applications for US unemployment benefits were little changed last week, signaling layoffs remain muted despite recent job-cut announcements.

Initial claims fell by 3,000 to 209,000 in the week ended May 16, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 210,000 applications.

Continuing claims, a proxy for the number of people receiving benefits, edged up to 1.78 million in the previous week.

Filings have remained subdued despite high-profile companies such as Meta Platforms Inc., Starbucks Corp., LinkedIn Inc., and Walmart Inc. announcing job cuts, indicating the labor market remains in the “low-hire, low-fire” state that has prevailed in recent years.