Claims for unemployment benefits rise to 354,000

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On Thursday, according to the numbers revealed by Labor department, the claims for unemployment benefits rose by 10,000 to 354,000. Last week’s trend may be a little deceptive as the figures are not exact since figures for 5 states that include Minnesota, Oregon and Virginia were filed in a hurry because of the Memorial Day holiday.

Labor department analysts suggest that this could have derailed the actual readings. Therefore, last week’s reverse trend may not be a true reflector of the job market and economy as a whole.

Despite last week’s increase in the number of claims for unemployment benefits, claims are still in the mid-range compared to the figures revealed this year.

With a drop in the continuing claims, the rate of unemployment could drop down to four and a half year low of 7.5 percent. Growth in the economy aided by the housing sector is considered to be the prime catalyst behind the decline in the rate of unemployment.

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