Americans applied for fewer unemployment benefits at the end of 2019, the Labor Department announced Thursday. The number dropped by 2,000 to 222,000 in the seven days up until December 28, although the four-week average ticked up by 4,750 to 233,250.
The report beat expectations that had predicted 225,000 new claims, according to Reuters. The result marks the third consecutive weekly decline.
“I think we’re definitely going to see slightly smaller growth month by month than what we saw in 2019 and that’s consistent with economists expectations’ of the macroeconomy weakening slightly,” in the labor market, Beth Akers, Manhattan Institute senior fellow, told Cheddar.
She will be keeping an eye on manufacturing trends and changes in policy regarding trade for indications about how job numbers will grow (or shrink) in 2020.
“If you’re looking to something to be concerned about, you can look at the four-week moving average, which is up from what it’s been over the course of the year,” Akers said. “But, by and large, these are really strong, positive numbers for the labor market.”
General Motors will be releasing its earnings report on Tuesday. Paulina Likos, investing reporter for U.S. News & World Report, joined Cheddar News to discuss how investors will be eyeing the automaker's forecast as it expands its EV division and attempts to navigate a supply shortage."Investors, first and foremost, are going to want to understand how the company has been able to navigate the chip shortage and how they're going to be able to do that throughout the year to come," Likos noted.
If you're in China you may have noticed that the 1999 film "Fight Club" which features Brad Pitt has somehow got itself a new ending. In the new ending on the streaming service Tencent, the narrator is killed and the explosions are replaced with a black screen saying "the police arrested criminals".It's unclear as to exactly why the changes were made. However, it is the latest example of China playing by its own rules when it comes to entertainment and attempting to control everything its citizens watch. Media Reporter at Axios, Sarah Fisher, joined Cheddar to discuss more.
Neil Young gave the streaming service Spotify an ultimatum demanding that his music be removed if the Joe Rogan experience remained on the platform. Joe Rogan's platform has been questioned a number of times as a result of some of his takes on covid treatment strategies and at times downright misinformation. Ultimately, Spotify decided to stick with Joe Rogan's podcast. The Director for the Business and Entertainment Program at American University, John Simson, joined Cheddar to discuss more.
Stocks closed at session highs on the last trading day of the month, but the major indexes still ended up posting their worst months since the start of the pandemic. The S&P 500 and the Nasdaq both had their worst months since March 2020. Nancy Daoud, Private Wealth Advisor at Ameriprise Financial Services, joins Closing Bell to discuss today's close, her market predictions for the year, how the Federal Reserve's monetary policy will impact stocks, and more.
Rene Ritchie, independent tech analyst and co-founder of the Nebula Podcast, joins Cheddar News' Closing Bell, where he breaks down what investors will be looking for from Mark Zuckerberg this week and how the tech giants stack up when it comes to augmented reality and virtual reality products going forward.
