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.”
Jon Lowen, Co-Founder of Surfside, joined Wake Up With Cheddar's Baker Machado to discuss Uber's partnership with cannabis retailer Tokyo Smoke, as it's the first time a cannabis merchant has been listed on UberEats across all of its global markets.
Financial Expert Jessica Weaver joined Cheddar's Jill Wagner to discuss some money-saving tips for Americans as inflation and supply chain issues herald the most expensive Thanksgiving meal yet.
Jack Dorsey resigned from his post as CEO of the social media company on Monday and will be replaced by chief technology officer Parag Agrawal. Mitch Rubin, portfolio manager at RiverPark Long/Short Opportunity Fund, joined Cheddar to break down the move and what it means for investors in both Twitter and Square, the payment company that Dorsey also helms. "For the long-term, I think this is very positive news for both companies," he said. Rubin also talked about growing competition in the social media space and why Twitter continues to lag behind other major players.
Friday saw big sell offs, with the Dow Jones posting its worst day since October 2020, falling 905 points, with the Nasdaq and S&P 500 each tumbling more than two percent as well. Much of that due to investor concerns over the new Covid-19 'Omicron' variant first detected in South Africa. Craig Erlam, senior market analyst at Oanda explains what investors should expect this week.
Earlier in the week, we saw President Biden nominate Jerome Powell to serve as Fed chair for another four-year term in the midst of the country’s struggles with covid, inflation, and supply unrest. Claudia Sahm, senior fellow at the Jain Family Institute and former Federal Reserve and White House economist explains why the markets saw a boost following the nomination.
Despite concerns over inflation, worker shortages, and global supply chain issues, retailers saw a surge in shoppers in October. Major retailers have also reported strong quarterly earnings ahead of the holiday shopping season as businesses have continued to bounce back from pandemic sale slumps. David Swartz, Consumer Equity Research analyst at Morningstar Research Services explains why consumers are still flocking to stores despite a rise in some prices.
Jack Dorsey is officially out as Twitter's CEO. Dorsey said in a statement that the platform is ready to move away from its founders and now will be led by current CTO Parag Agrawal.
Canada is looking to offset the rising cost of maple syrup by tapping its strategic reserve. Producers in Quebec, accounting for 73 percent of all the maple syrup in the world, will release half of its stockpile amounting to 50 million pounds worth.
Jared Kessler, CEO of real estate firm EasyKnock, joined Cheddar to talk about the housing market staying hot at a time it usually cools down. He attributed part of it to low interest rates and buyers wanting to secure homes before they begin rising again. "We're definitely, at some point, in for higher rates," he said. "Right now, that's a very tough question for the Federal Reserve."
