“US jobless claims were released early this morning. The Labor Department said applications for unemployment rose by 12000 last week to 500000, which is the first time claims hit half a million since November. Economists’ estimates were below the actual number at 480000. The pile up in claims shows employers are cutting jobs again to reduce costs. But, on a positive note, continuing jobless claims are coming down. The past month’s average of 4527000, gives a better perspective on the underlying trend of the labor market, and that number marks the lowest level thus far in the economic recovery. ”

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