In this paper, we apply the theory of algebraic cohomology to study the amenability of Thompson’s group $\mathcal {F}$. We introduce the notion of unique factorization semigroup which contains Thompson’s semigroup $\mathcal {S}$ and the free semigroup $\mathcal {F}_n$ on n ($\geq 2$) generators. Let $\mathfrak {B}(\mathcal {S})$ and $\mathfrak {B}(\mathcal {F}_n)$ be the Banach algebras generated by the left regular representations of $\mathcal {S}$ and $\mathcal {F}_n$, respectively. We prove that all derivations on $\mathfrak {B}(\mathcal {S})$ and $\mathfrak {B}(\mathcal {F}_n)$ are automatically continuous, and every derivation on $\mathfrak {B}(\mathcal {S})$ is induced by a bounded linear operator in $\mathcal {L}(\mathcal {S})$, the weak-operator closed Banach algebra consisting of all bounded left convolution operators on $l^2(\mathcal {S})$. Moreover, we prove that the first continuous Hochschild cohomology group of $\mathfrak {B}(\mathcal {S})$ with coefficients in $\mathcal {L}(\mathcal {S})$ vanishes. These conclusions provide positive indications for the left amenability of Thompson’s semigroup.