Initial Jobless Claims and Long Term Unemployment - Currency Trading News

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by: fxsolutions
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Date: Fri, 14 Oct 2011 Time: 12:31 PM
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Joseph Trevisani, Chief Market Analyst at FX Solutions (http://www.fxsolutions.com/), provides Forex traders with an overview of US employment - and its effect on the economy.

"Initial jobless claims fell by 37,000 in the week ending September 23rd, a far greater drop than the 3,000 decline predicted in the Bloomberg survey of economists. The Labor Department said that the data probably registered a "slight mistiming" in the seasonal adjustments applied to the figures. Only 391,000 new applications were filed, well below the 420,000 predicted and the revised 428,000 total for the prior week. If the number remains below 400,000 after next week's revision it would be only the second time since the beginning of April.

The four-week moving average dropped 5,250 to 417,000, the lowest total in three weeks. This average is considered a more accurate representation of labor market trends than the weekly number and has been above 400,000 for 23 straight weeks. The post recession low was 388,500 in the second week of March and came after 31 months of elevated claims.

Continuing claims in the week of September 16th fell 20,000 to 3.729 million; a rise of 3,000 to 3.730 million had been predicted. The prior week was revised 22,000 higher to 3.749 million from 3.727 million.

Emergency claims in the week of September 9th gained 39,900 to 3.0366 million from 2.9667 million. Last week's figure was the smallest since the end of the recession and represents a 49% decline from the high in the early spring of last year of 5.8918 million. In the same week the number of recipients of extended benefits slid rose 36,200 to 543,900 from 507,700.

Currently 3.580 million people are collecting unemployment benefits beyond the initial eligibility period. They are 7.3295 million people receiving either original or supplemental unemployment benefits."

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FX Solutions is a leading foreign exchange broker with a focus on advanced currency trading forex technologies, transparency of transaction and unparalleled customer service. FX Solutions serves retail clients, white label partners, institutional trading partners and introducing brokers in over 140 countries.

FX Solutions' products are regulated in the United States, United Kingdom and Australia. FX Solutions in the United States is regulated as a member of National Futures Association, and registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. In the United Kingdom, FX Solutions is a registered trading name of City Index Limited which is authorized and regulated by the Financial Services Authority. FX Solutions in Australia is a registered trading name of City Index Australia Pty Ltd. which is authorized and regulated by the Australian Securities and Investments Commission.

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