The number of unemployment claims went up unexpectedly last week reaching it’s highest level in two months.
According to the Department of Labor unemployment insurance claims were 324 thousand a 10% increase over the week before.
In spite of the slowing down of the economy during last year the labor market had remain strong, this regardless of the negative news coming front the construction industry and the labor market.
Economic growth took a down turn at an annual index of 0.6% in the first trimester of this year. The worse performance in four years. However economic growth might recover in the second trimester with some luck.
We shouldn’t be surprised of what is taking place in the economy since is normal that after several years of economic growth our economy goes down for a while. This is due to the economic cycles that are expected in a capitalist economy such as ours.