Initial Jobless Claims and Long Term Unemployment - FX Solutions Forex Update

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Date: Wed, 28 Sep 2011 Time: 2:40 AM
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Joseph Trevesani, Chief Market Analyst of FX Solutions (http://www.fxsolutions.com/), provides traders with a forex market oveview on 8th September 2011.

"Initial jobless claims climbed 2,000 to 414,000 in the week ending September 2nd. Except for the first week of August when they dipped to 399,000 claims have been above 400,000 for five months, since the second week of April. Economists in the Bloomberg Survey had predicted a drop of 4,000 to 405,000.

The four-week moving average rose 3,750 to 405,000. This is the highest score since mid July when it was 422,250 and third weekly rise in a row. The four week moving average which is considered a more accurate representation of labor market trends than the volatile weekly number, has now regained almost a third of the 36,750 drop it had incurred from the second week of May through mid August.

Continuing claims in the week of September 3rd dropped 30,000 to 3.717 million; a drop of 29,000 to 3.706 million had been predicted. The prior week was revised 12,000 higher to 3.747 million from 3.735 million.

Emergency claims in the week of August 19th fell 57,400 to 3.0606 million from 3.118 million. Claims have declined 722,900 since the beginning of the year largely due to the expiration of benefits rather than reasbsorption of unemployed workers into the labor force. In the same week the number of recipients of extended benefits fell 21,000 to 536,900 from 557,900.

Currently 3.5975 million people are collecting unemployment benefits beyond the initial eligibility period. They are 7.3445 million people receiving either original or supplemental unemployment benefits."

For more market insights from FX Solutions, visit http://www.fxsolutions.com/

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About FX Solutions

FX Solutions is a leading online forex trading broker with a focus on advanced currency trading 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.

For more information, please visit www.fxsolutions.com www.fxsol.co.uk and www.fxsolutions.com.au