The number of Americans filing initial claims for unemployment benefits fell last week.

Jobless claims fell 4,000 to a seasonally adjusted 211,000 for the week ended March 6 and the previous week was revised lower by 1,000 to 215,000. Economists had expected 216,000 jobless claims, matching the initial report for the previous week.

The four-week moving average of claims, which smoothes out week-to-week volatility, rose slightly to 214,000.

Because jobless claims are a proxy for layoffs, this week’s numbers will be closely watched for signs that the coronavirus might already be taking an economic toll. The low levels of claims, as well as very low unemployment, indicates that U.S. businesses are reluctant to let workers go even as fears of coronavirus have rocked financial markets.