First-time jobless claims also dipped to a seasonally adjusted 621,000. While some experts sayd that this is a sign of revival, others suggest that the lower numbers could simply mean people out of work are using up their benefits.
Productivity is also up among US workers, according to another report out Thursday, Jun 4 but only because companies are forced to produce more with fewer workers. That means they will probably delay hiring even after the economy begins growing again. However the analysts forecast that the unemployment rate will rise to 9.2 per cent when the government releases its May jobs report on Friday, Jun 5.
Many economists expect it to top 10 per cent by year's end and to keep rising into next year.