The US four-week moving average of initial claims for unemployment insurance fell to 213,750 last week, down 1,750 from the previous week’s unrevised average, the US Department of Labor reported.

The four-week moving average smooths the volatility of the week-to-week numbers. Total initial claims for unemployment insurance for the week ended Aug. 18 fell to 210,000, down 2,000 from the previous week’s unrevised level.

Economists polled by Reuters had forecast claims rising to 215,000 in the latest week. The claims data is being closely watched for signs of layoffs as a result of the Trump administration’s protectionist trade policy, which has led to an escalating trade war with China and tit-for-tat import tariffs with trading partners, including the European Union, Canada and Mexico, Reuters reported. While there have been reports of some companies either laying off workers or planning to as a result of the import duties, that is not yet evident in the claims data.