Knight Investments LLC comments on US unemployment rates and methods to help assist local markets
Officials from Knight Investments LLC began taking into consideration how it might benefit the US job market by providing compliance solutions for collateral based projects.
- (1888PressRelease) November 06, 2010 - Knight Investments LLC has taken notice that the number of people seeking jobless benefits has increased significantly since last week. This has transpired after two straight weeks of declines.
Officials at Knight have noted that researchers have stated that the increase undermines hopes for unemployment claims.
Researchers stated that there was a hope that after falling four times in the previous five weeks, the US economy would continue on a sustained downward trend. Instead, claims remain stuck at an elevated level.
The report came a day before the Labor Department was scheduled to release the jobs figures for October. With claims dropping only modestly over the past month, economists aren't expecting much progress. They forecast that the jobs report will show employers added a net total of 60,000 jobs last month, while the unemployment rate remained 9.6 percent for the third straight month.
A gain of 60,000 jobs is far below the 200,000 jobs a month needed to keep up with population growth and to help get some of the 15 million unemployed back to work.
"Those looking for an imminent spurt of job creation are ... likely to be disappointed," said Dan Greenhaus, chief economic strategist at Miller Tabak, in a note to clients.
The Labor Department said Thursday that initial claims for unemployment aid rose by 20,000 to a seasonally adjusted 457,000 for the week ending Oct. 30
Claims have fluctuated around the 450,000 level all year. They will need to drop below 425,000 to signal sustained job gains.
The weekly applications for unemployment benefits are volatile, but are considered a real-time snapshot of the job market. They reflect the pace of layoffs and indicate whether companies are hiring.
Knight Investments LLC has stated that it would encourage the submission of projects that could bring forth collateral based projects to help stimulate the job environment.
"Our Regulatory Company has a primary objective to help jump start the American economy. This is largely due to the fact that we have to push legislative issues. We recognize the market is slow, and conventional options may not be an option; however, there is a long standing history to attest to the success of our Regulatory Company - a list that is easily provided to any applicant that show it has the requirements we need". a statement voiced by Knight Investments LLC's Director of Compliance.
High unemployment and the sluggish pace of hiring is a major reason the Federal Reserve announced Wednesday that it will buy $600 billion in Treasury bonds in an effort to lower interest rates on mortgages and other loans.
The central bank hopes the lower rates will spur more borrowing and spending, boosting the economy and leading to more hiring.
"Unfortunately, the job market remains quite weak," Fed Chairman Ben Bernanke wrote in a commentary Thursday in the Washington Post ( WPO - news - people ). "A large number of people can find only part-time work, and a substantial fraction of the unemployed have been out of work six months or longer."
The emergency benefits program, extended several times by Congress, is set to expire at the end of this month. Many analysts doubt Congress will extend it again. That could cause more than 1 million people a month to lose benefits, according to the National Employment Law Project, a nonprofit group.
Knight Officials were key to note that benefits programs could provide a temporary band aid, but a serious solution needed to be presented to obtain some significance in our economy.
"We have to employ incentive programs for employers, not just the ones that are unemployed. If we have tax based programs that will give reason for employers to higher - than we give those on benefit programs a real solution." said an official spokesman with Knight Investments LLC.
Some companies are hiring. Richmond, Va.-based CarMax ( KMX - news - people ), the nation's largest used car chain, said Wednesday that it is hiring more than 1,200 people in sales, service and other operations.
At the same time, some struggling firms are still cutting staff. Biotech company Biogen Idec Inc. ( BIIB - news - people ) said Wednesday that it is laying off 13 percent of its work force, or 650 employees, to cut costs.
Knight Investments LLC works as a private equity firm to invest personal funds on the behalf and promotion of a vibrant community, low income housing, humanitarian causes, renewable energies, real estate developments, and project compliance.
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