Jobless claims fell last week

(CNN)– First-time filings for unemployment benefits fell by 16,000 claims last week.

The level of jobless claims remains low, indicating there’s some stability in the labor market.

Economists have attributed the pullback in job growth largely to employers holding back on hiring rather than doing mass layoffs.

But that means it is taking longer for unemployed people to find work.

Continuing claims, which are filed by people who have received jobless benefits for at least a week, have been hovering around three-year highs.