US initial jobless claims fell by 4,000 to a total of 222,000 in the week ended Nov. 12, the Department of Labor reported today. The previous week’s level was revised upward by 1,000.

Economists polled by Reuters had forecast 225,000 claims for the latest week.

Reuters noted the statistics reflect a tight labor market and suggest widespread layoffs remain low despite a surge in technology-sector job cuts. Reuters reported businesses outside the technology and housing sectors are hoarding workers after difficulties finding labor in the aftermath of the pandemic.

Meanwhile, the four-week moving average of claims rose by 2,000 in the week ended Nov. 12 to 221,000.