FormItem blocks VirtualPC Cursor Mode from working in JAWS

Steps to reproduce:
1. Compile the following code and generate an accessible SWF

<?xml version="1.0" encoding="utf-8"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml">

<mx:Form>
<mx:FormItem id="fi1" label="My Form Item:">
<mx:Label text="Hello World"/>
</mx:FormItem>
</mx:Form>

</mx:Application>

2. Launch in IE
3. Press Down arrow

Actual Results:
JAWS does not read content on the screen

Expected Results:
JAWS should read the FormItem label and Label test

Workaround (if any):