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Jobless Claims’ Outstanding Drop – Important Sign for NFP

US jobless claims fell to a deep low – 407K, far better than 440K that was expected and the lowest level in a very long time. This continues the trend of lower numbers and a lower moving average seen lately.

The figure was overshadowed by a weak durable goods orders figure (both regular and core), but this is a good sign towards the Non-Farm Payrolls for November due on December 3. Unemployment claims are a good sign for the NFP. It’s the lowest figure since July 2008 – just before the collapse of Lehman Brothers.

Durable Goods Orders fell by 3.3% – it was expected to rise by 0.7%.  Last month’s number was revised from a 3.3% rise to a 5% rise. Core durable goods orders dropped by 2.7%. Last month’s figure rose by 1.3%, revised from a 0.8% drop. Looking at revisions, durable goods orders weren’t too bad, but they still counter the big development in jobless claims.

Is the US job market recovering?

EUR/USD is unchanged after the big bulk of news. It trades at around 1.3350, above the 1.3334 line it breached earlier and managed to recover afterwards.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.