Home Wealth  Money Jobless Claims Fall; Trade Gap Narrows

Jobless Claims Fall; Trade Gap Narrows

Posted: Nov. 11th, 2011  |  By Forbes

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Initial jobless claims fell by more than expected in the week ending November 5, to the lowest level since April.

First-time filings for unemployment benefits fell by 10,000, to a seasonally adjusted 390,000, according to the Labor Department.

The four-week moving average fell to its lowest level since April as well, down by more than 5,000, to 400,000.

And, the Commerce Department said today the US trade deficit narrowed in September.

The trade gap fell 4%, to $43.1 billion. Economists had expected the reading to narrow, but not by as much.

Crude oil is on the rise today following the data, while gold retreats.

Oil is trading higher to $97.12 a barrel, leading the DB Oil Fund to trade up 1%.

Gold is trading down to $1751 an ounce, leading the iShares Gold Trust to trade down 1.3%, and the SPDR Gold Shares to trade down 1.3% as well.

The Gold Miners ETF is trading down over 1.4% today.

Barrick Gold (nyse: ABX - news - people ) , the top holding in the fund, is trading down about .6%.

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