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.”
Carlo and Baker cover Facebook's big rebrand, the latest on Biden's economic agenda and more. Plus, ranking the best Halloween candy and the worst couple's costumes.
Nicola Mendelsohn, vice president of the global business group at the newly-christened Meta, joined Cheddar to discuss what went into the re-branding of Facebook's parent company. Regarding criticism that the name change might be a way for the company to deflect from news of its role in allegedly undermining child safety, growing political strife, and spreading vaccine disinformation, she noted that the process began even earlier. "Something like this takes a long time to pull together," Mendelsohn said.
Matt Orton, Chief Market Strategist at Carillon Tower Advisers, joins Cheddar News' Closing Bell to discuss today's record close for the S&P 500 and Nasdaq, market broadening, and earnings results from tech giant Amazon.
Proptech startup Juno recently raised $20 million in a Series A funding round. The company says the funds will be used to further its mission of building sustainable and affordable apartment buildings across the United States. Juno Co-Founder and CEO Jonathan Sherr joined Cheddar News' Closing Bell to discuss.
As President Joe Biden heads to Europe for the G20 and the United Nations COP26 climate meeting, he has announced a new $1.75 trillion spending framework. Senate Democrats are reportedly close to agreeing on passing the legislation, but it hangs in the balance as President Biden and other world leaders will meet at COP26 and Biden looks to proclaim the U.S. a leader on climate issues. Vox Senior Reporter Rebecca Leber joins Cheddar News' Closing Bell to discuss the $555 billion worth of clean energy initiatives Biden included in the framework, and how Democrats' continuing negotiations undermine U.S. climate leadership.
Huntington Bancshares Inc. reported Q3 earnings today. The bank holding company delivered a record $1.7 billion in revenue, but saw some pressure on its bottom line. The company says results were driven by its recent acquisition of TCF bank, as well as positive trends in areas like wealth management, capital markets, and card and payments processing. Cheddar News welcomes the chairman, president and CEO of Huntington Bancshares, Steve Steinour, to discuss.
