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.”
The labor market continues to be hot, with job openings at record highs and jobless claims dropping by the thousands. While that's good news for workers, experts say it can add to inflation risks and make the Fed's job even harder when it comes to cooling inflation. José Torres, Senior Economist at Interactive Brokers, breaks down what a tight labor market means for the economy.
Amazon's stock split officially takes effect today. It's a 20-for-1 split, meaning if you own one share of the e-commerce giant, you'll have 20 shares after the split, with each costing about 1/20th of the previous price. Jeff Zananiri, the head trading strategist at Joy of the Trade, breaks down what the stock split means for investors.
The labor market continues to be strong. The U.S. added 390,000 jobs in May, while the unemployment rate held steady at 3.6%. Julia Pollak, Chief Economist for ZipRecruiter, breaks down the latest data and what it means for the economy.
In another round of sweeping sanctions against Russia for its war on Ukraine, European Union leaders have agreed to ban the vast majority of Russian oil by the end of the year. But, the embargo covers only Russian oil brought in by sea, allowing an exemption for fuel imported via pipeline. Christine McDaniel, a senior fellow with the Mercatus Center, discusses just how significant this deal is, and what impact it might have on the global energy sector.
Elon Musk is threatening to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts.
Stocks ticked higher Monday as Wall Street keeps wrestling with whether the economy will successfully avoid a recession amid rising interest rates and high inflation.
On today's Biz Breakdown, Musk invites more in-office mandates, you can now pay with Bitcoins for burritos at Chipotle, and 'All I Want For Christmas Is You' faces a new lawsuit.
