The number of Americans filing new applications for unemployment benefits fell more than expected last week, suggesting the labor market continued to chug along, though risks are mounting from tariffs.

Companies are holding on to workers, despite uncertainty over trade policy and the contraction in first-quarter GDP.

Initial jobless claims for the week ended May fell by 13K to 228K, vs.231K consensus, from 241K prior (unrevised), according to data released by the U.S. Department of Labor on Thursday.