Initial Jobless Claims and Long Term Unemployment - FX Solutions Market Update, 23rd September 2011

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Date: Mon, 10 Oct 2011 Time: 5:20 AM
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Joseph Trevisani, Chief Market Analyst at FX Solutions (http://www.fxsolutions.com/), provides forex traders with an overview of currency market activity and news on 22nd September 2011.

Initial jobless claims fell 9,000 to 423,000 in the week ending September 16th. Except for the first week of August when they dipped to 399,000 claims have now been above 400,000 for 23 weeks, since early April. Economists in the Bloomberg Survey had predicted a drop of 8,000 to 420,000.

The four-week moving average rose 500 to 421,000. This is the highest total since mid July when it was 422,250 and fourth weekly rise in a row. The four week moving average, considered a more accurate representation of labor market trends than the weekly number, had seen a sustained move higher from the recent low of 403,500 in the first week of August. .

Continuing claims in the week of September 10th fell 28,000 to 3.727 million; a drop of 4,000 to 3.722 million had been predicted. The prior week was revised 29,000 higher to 3.755 million from 3.726million.

Emergency claims in the week of September 2nd fell 70,000 to 2.9967 million from 3.0667 million. These claims have declined over 750,000 since the beginning of the year as workers' unemployment insurance benefits have expired rather than because of the absorption of unemployed workers into the labor force. In the same week the number of recipients of extended benefits slid 33,300 to 507,700 from 541,000.

Currently 3.5044 million people are collecting unemployment benefits beyond the initial eligibility period. They are 7.2594 million people receiving either original or supplemental unemployment benefits.

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