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.”
Cheddar News' Closing Bell featured some of the day's biggest market movers. Today's stock standouts were four companies reporting their latest quarterly results: Facebook, UPS, Google parent company Alphabet, and Robinhood.
Garrett Nelson, Senior Analyst & VP of Equity Research at CFRA Research, discusses the significance of a major purchase deal for both Hertz and Telsa, and highlights what this means for the future of the auto rental market.
Chuck Lieberman, Partner and CIO at Advisors Capital Management, joins Cheddar News' Closing Bell, where he provides his insights on what we've seen during earnings season thus far and breaks down Microsoft's latest figures as the tech giant reports its quarterly earnings.
DraftKings is walking away from a deal to buy Entain, a major company in the international gambling industry, for $22.4 billion. The deal reportedly fell through after the companies could not come to agreements about BetMGM, the exclusive sports betting division of MGM, and a joint venture between MGM resorts and Entain. Sportico sports business reporter Eben Novy-Williams joined Cheddar Nws' Closing Bell to discuss.
Mark Wagman, Managing Director at MediaLink, joins Cheddar News' Closing Bell to discuss the impact of Apple's iOS security change on fellow big tech companies Facebook, Snap, and Twitter. Apple now lets iOS users opt-out of cross-app data tracking - which hurt Facebook and Snap's advertising revenue in the third quarter.
Facebook has dominated the headlines over the past week. The social media giant reported earnings on Monday, has been in the crosshairs of lawmakers and is now expected to rebrand itself as it gears up for what it calls the metaverse. Daniel Newman, Founder & Principal Analyst at Futurum Research, joins Cheddar News' Closing Bell where he discusses what we should expect to see ultimately unfold.
Amalgamated Bank is the first U.S. bank to publish science-based targets to reach net-zero greenhouse gas emissions by 2045. The bank says it will reach this goal through how it engages with customers and how it finances projects. Amalgamated Bank Chief Sustainability Officer Ivan Frishberg joined Cheddar Climate to provide more details about the bank's ambitious climate goals.
After years of dodging Congressional hearings about accusations that they have lied to the public about climate change and spread disinformation, executives from big oil companies are set to testify Thursday before a House committee. Maxine Joselow, anchor of the Washington Post's Climate 202 newsletter, joins Cheddar Climate to preview what we might hear from big oil executives, who will be testifying, and whether or not big oil companies will continue to commit to their small, climate-focused initiatives.
COP26 been dealt a blow as Chinese President Xi Jinping and Russian President Vladimir Putin, whose countries are responsible for a third of the world's annual greenhouse gas emissions, will not be in attendance. Bertrand Piccard, Chairman and Founder of the Solar Impulse Foundation, joins Cheddar Climate, where he discusses what he expects to see when the summit commences in Glasgow.
