Initial claims for state unemployment benefits held steady at a seasonally adjusted 229,000 for the week ended May 10, the Labor Department said on Thursday. Economists polled by Reuters had forecast 229,000 claims for the latest week. Claims have moved in a 205,000-243,000 range this year, consistent with a historically low level of layoffs.

Unemployment claims remained steady at 229,000, signaling a stable labor market, but businesses are hesitant to hire amid tariff-related economic uncertainty. A survey indicated fewer small businesses are struggling to fill job openings.

Initial jobless claims held steady at 229,000 in the week ending May 10, the Labor Department said Thursday. Economists polled by The Wall Street Journal had estimated new claims would fall by 2,000 to 226,