US initial jobless claims fell by 9,000 in the week ended July 15 to a total of 228,000, their lowest level since the week of May 13, the US Department of Labor reported today.

Economists polled by Reuters had forecast 242,000 claims for the latest week. “The claims data show that the labor market remains resilient and businesses have yet to start shedding workers at a rapid pace, despite five percentage points of tightening,” Rubeela Farooqi, chief US economist at High Frequency Economics, told Reuters.

Meanwhile, the four-week moving average of initial claims fell by 9,250 to a level of 237,500.