The number of Americans filing new applications for jobless benefits unexpectedly fell last week, suggesting employers may be holding on to workers despite other indications of a cooling labor market.

The Labor Department reported that jobless claims for the week ending July 5 fell, fewer than analysts forecast.

Applications for US unemployment benefits slid for a fourth week running, reaching their lowest level in two months. The numbers: Initial claims for unemployment benefits fell by 5,000 to 227,000 in the week ending 5 July.

The number of Americans filing new applications for jobless benefits unexpectedly fell to a seven-week low last week, suggesting employers may be holding on to workers despite other indications of a cooling labor market and creating no urgency for the Federal Reserve to resume its interest rate cuts.

U.S. initial jobless claims declined by 5,000 from the previous week to 227,000 in the first week of July, compared to market estimates of 235,000. BIT Mining Limited BTCM shares were also up, gaining 117% to $5.34 after the company announced it plans an investment up to $300 million to expand into the Solana ecosystem.

The Labor Department reported Thursday that jobless claims for the week ending July 5 fell by 5,000 to 227,000, fewer than the 238,000 that analysts forecast. Applications for unemployment aid are viewed as representative of layoffs.