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.”
After the Senate reached a deal to avoid a default on the U.S. debt until early December, stocks rallied and closed higher. Lisa Erickson, Head of the Traditional Investment Group at U.S. Bank Wealth Management joins Closing Bell to discuss how markets closed, and potential volatility in the fourth quarter of the year.
For the first time ever, the Food and Drug Administration authorized e-cigarette products for adults, authorizing the marketing of three new tobacco products. R.J. Reynolds Vapor Company can now sell its Vuse Solo products. According to the FDA, the company was able to show its e-cigarettes helped smokers either quit or significantly reduce their use of cigarettes. Derek Peterson, founder and CEO at Soter Technologies, joins Cheddar News to talk about the move.
President Joe Biden announced during a briefing on supply chain bottlenecks that a host of businesses and parcel delivery services have committed to moving more goods to their intended destinations during overnight hours as part of the 24-hour LA port service expansion. Walmart, FedEx, and UPS were named by the president in his speech.
A judge has temporarily put on hold United Airlines' unpaid leave policy for workers who claimed either religious or medical exemptions from COVID vaccinations. Six workers filed a suit against the company, calling the policy unreasonable.
