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.”
Air travel is soon expected to ramp up in a big way, with the holiday season approaching as fuel prices rise. The higher costs are starting to impact airlines' revenue and could lead to higher ticket prices for travelers. Hopper economist Adit Damodaran joined Cheddar News' Closing Bell to discuss.
Alternative asset, sports cards-focused platform Alt recently raised $75 million in a Series B round. Alt's platform lets users research, trade, and securely store sports cards and other high-value assets. Right now, the company has more than $70 million worth of cards in its vault. The company is also hoping to get into other assets, including NFTs. Alt CEO Leore Avidar joins Cheddar News' Closing Bell to discuss.
Stocks closed mostly lower to end the week as investors eye a potential fifth COVID-19 wave, and maintain concerns about inflation. The Nasdaq closed at a record high as tech stocks maintained their strength. Mitch Roschelle, Founder of Macro Trends Advisors, joins Cheddar News' Closing Bell to discuss today's close, inflation, big tech pulling stocks higher, and more.
Bitcoin ticked higher Friday but still hit a one-month low amid a broader crypto slump. Investors are eyeing the potential liquidation of payments from collapsed exchange Mt. Gox, alongside the recent debut of three Bitcoin-linked futures ETFs as the SEC continues to avoid approving spot product ETFs. Steve Larsen, Co-Founder of PlannerDAO, joins Cheddar News' Closing Bell to discuss the broader crypto slump, why Mt. Gox is a concern, and more.
Wedbush Securities has raised its price target for Tesla stock to $1,400, among the highest on Wall Street. Analysts are pointing to an incoming green tidal wave as the main reason for their optimism, with President Biden's infrastructure bill expected to kick off a new era for electric vehicles in the U.S. Dan Ives, managing director of equity research at Wedbush Securities, joins Cheddar News' Closing Bell, where he explains why he's so bullish on Tesla even as competition from companies like Rivian heats up.
Streaming platform Roku announced plans to develop more than 50 original shows in a bid to become a destination for free content amid growing competition in the space. Shelly Kramer, co-founder and lead analyst at Futurum Research, spoke to Cheddar about the new offering "The transition here from hardware to adding a software component by way of original content, I think is smart," she said. "And it's all about the Benjamins." Kramer also noted that she doesn't necessarily think Roku is entering the content game too late.
Ameeth Sankaran, CEO of the emmy-winning media company Religion of Sports, joined Cheddar to talk about the "Man in the Arena: Tom Brady" docuseries that premiered on ESPN+ earlier this week. Sankaran noted Brady and former NFL star Michael Strahan as co-founders and discussed the origin of the company and its goal to tell stories about sports figures beyond their roles on the court or field.
The behind-the-scenes story of HBO's history is chronicled in the new book 'Tinderbox: HBO's Ruthless Pursuit of New Frontiers.' The book tells the true story of how HBO came to dominate the television industry as we know it. The man behind the book has interviewed over 700 key sources to uncover a bottomless trove of secrets, surprises, and never before heard stories. James Andrew Miller joins Cheddar News to share more.
Apple officially announced its self-service repair program allowing customers to buy individual tools and parts to fix their own devices. It comes as Apple continues to face pressure from 'right-to-repair' advocates. Ian Sherr, Editor at Large, CNET, joined Cheddar to discuss the significance of the move.
