US Jobless Claims Slip, But Continuing Claims Hits Highest Since June 2003

US initial jobless claims fell to 478K during the week of October 4 from an upwardly revised 498K, however, a deeper look at the data is far from optimistic. First, the 4-week moving average of initial jobless claims (which helps to smooth out the volatility associated with the week-to-week figures) jumped to 482.5K from 474.25K, marking the highest reading since at least January 2002. Furthermore, continuing claims surged to 3659K from 3603K, which is the worst reading since June 2003 when the unemployment rate was at 6.3 percent. The latest labor market reports show the unemployment rate sitting at 6.1 percent as of September, but with job losses mounting and the US economy still in the process of slowing, the readings suggest that jobless claims may climb much higher through the end of the year.

The US dollar has shown little response to these release, as risk trends remain the dominant theme in the forex markets.

DailyFX

Disclaimer

Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.