The US Labor Department reported September 3, Thursday that people filing unemployment claims fell by 4,000 to 570,000 people even if the number of people receiving benefits rose. This grim forecast for the US unemployment rate, many economists say, will continue to rise until as late as the 2010 summer season.

Investors have been anxious to get an insight on the employment rates and the over-all labor market. Last July, things looked up as unemployment rate fell and job losses slowed down unexpectedly. Investors are really hoping for these forecasts to continue and that the improvement will go on as they try to recuperate from the effects of the global recession.

Stocks barely budged early Thursday as investors were not really moved by the series of economic reports to push the markets higher after a four-day slide. The market is also affected by the grim forecasts and sales reports from retailers. Over-all sales are still weak, but there are companies like Target Corp, Costco Wholesale Corp and Limited Brands Inc, which have beaten analysts’ expectations.

European and U.S. stocks were higher after the European Central Bank raised its outlook with regards to the world economy’s growth.

The OECD (Organization for Economic Cooperation and Development) also says that economies are rebounding earlier than predicted, though recovery remains fragile. The Paris-based organization that looks out for the development of first-world economies said outlook for the U.S. economy remains stable while recessions this year in Japan and the Euro zone will be less severe than previously expected.

Jorgen Elmeskov, the OECD’s top economist, said that the positive forecasts are due to improving financial conditions, a rebound in trade and an end to inventory destocking by industry. These factors are helping greatly in the recovery of the OECD’s 30-member countries and with these countries’ improvement; the effect will spill over other less developed economies.

“Recovery looks to be at hand for the OECD economy at large, but it’s important not to get carried away…The green shoots need careful nurturing by policy, if they are to become strong, sustainable plants,” Elmeskov says. A hard and bumpy recovery is what’s to be expected, Elmeskov further states.