Jobless claims give clues on economy

With the national unemployment rate reaching a new high in May of 9.4 percent, economists, small business owners, consumers and employers are all keeping a close watch on the myriad job figures released by the government wondering if there are any clues about when a recovery will begin.

According to the Department of Labor, initial claims for unemployment insurance increased by 3,000 from the previous week to 608,000. The 4-week moving average was lower by 7,000 from the last reading.

This uptick in claims on the week was higher than many analysts' expectations.

Layoffs at manufacturing companies in some states contributed to the increase in claims.

Meanwhile, the Department of Labor also announced earlier this week that a $4.8 million grant is being awarded to help over 1,100 Minnesota workers in the manufacturing and retail sectors get back on their feet.

"This funding will provide workers with the education and training needed to upgrade existing skills or learn new skills in order to gain employment in growing regional industries," said secretary of labor Hilda L. Solis.