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Initial Weekly Jobless Claims a Near Term Driver

Posted by WorldWideMarkets . on Aug 22, 2013 3:40:00 AM
Today marks the release of the initial weekly jobless claims report. Usually, the weekly data is a rather large yawn but at least this week investors caught short last week will be paying more attention. Last Thursday, the Labor Department reported the number of Americans filing new claims for unemployment benefits fell to a near six-year low last week, which hinted at a pick-up in job growth in early August. In absolute terms, initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 320,000, the lowest level since October 2007, in the last reported period. The consensus this week is 330,000 initial claims. Anything less and the dollar will get a little trading boost. Anything more and investors will be back to worrying about the slow pace of job creation, that QE will go on forever and the dollar will decline. The price move after the number may not last the entire trading session but it will be interesting to see how much the market is on tenterhooks. TRADING JOBS

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