Before I get into today’s bit of news, I just want to let you know that if you’ve missed Bill Poulos’s Forex webinar from last night, that’s OK, you can watch a replay of it here: Bill Poulos’s Webinar
Now, on with today’s news: It seems that the rate of firing in the US is slowing down. The U.S. Labor Department revealed that initial jobless claims came in at 545,000 for the week ended September 12. This was down 12,000 from the previous week’s revised total. This was while certain economists expected claims to rise to 575,000.
This seems like good news and may have a good effect on the value of the dollar. However, not all is rosy for the world’s largest’s economy as it seems that while layoffs are easing, it is still difficult for people who lost their job to find a new one.
Here is the data that reflects it: Continuing claims, which measures the number of people receiving ongoing unemployment help, rose 129,000 to 6.23 million.
So, the US economy is still bleeding jobs. The rate has slowed down, but it seems that all this talk of the recession ending is a bit premature and may be attributed to wishful thinking.
What this will do to the dollar remains anyone’s guess. However, it is good to note that the recession may be close to bottoming out, but is still far from over.
