iStock/Thinkstock(WASHINGTON) —The employment picture is healing, though some weakness remains. The U.S. unemployment rate fell to 5.3 percent as employers add 223,000 jobs in June — a seven year low.
The large drop in the unemployment rate is likely to due to the amount of Americans who have given up on on their job searches and were no longer counted as unemployed.
Meanwhile, last week’s jobless claims climbed to a five-week high, increasing by 10,000, according to the latest figures released Thursday by the Labor Department.
For the week ending June 27, the number of people filing for benefits jumped to 281,000. The previous week, claims stood at 271,000.
The Labor Department said there were no “special factors” impacting that week’s figures. The level of applications, however, is still low and points to an improving job market. It also indicates companies are confident enough in the economy to retain their workers.
The four-week moving average for unemployment claims increased by 1,000 to 274,750.
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