While the U.S. unemployment dashed stock market hopes of a recovery in the national economy, the bellwether semiconductor industry seems like it’s on its way to a recovery.

Chips are a leading indicator for sales of things such as computers, consumer electronics and cell phones. Some observers are predicting a second-half turnaround. Worldwide sales of chips rose 5.4 percent in May to $16.5 billion from $15.6 billion in April. Compared to a year ago, May sales were down 23.2 percent from $21.5 billion, according to the Semiconductor Industry Association.

While the year ago comparison is still weak, the month-to-month figures have now ...

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