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.”
Buying a new home is tough right now; but for first-time buyers, it's an especially challenging time, with obstacles like rising mortgage rates and record-breaking home prices. The housing market is not expected to get much friendlier, as mortgage rates are expected to continue to climb as the Federal Reserve proceeds with its plans for rate hikes in an effort to stifle inflation. Jonathan Miller, President and CEO of real estate appraiser Miller Samuel, joins Cheddar News' Closing Bell to discuss.
Virtual care and digital medicine provider Biofourmis recently raised $300 million in a Series D round led by General Atlantic and with participation from CVS Health. Biofourmis offers at-home care and digital therapies backed by artificial intelligence, which can remotely monitor patients while they are at home. The company says it hopes its technology can improve patient outcomes while reducing the cost and burden of care. Kuldeep Signh Rajput, Founder and CEO of Biofourmis, joins Cheddar News' Closing Bell to discuss.
The world’s largest producer and shipper of palm oil, Indonesia, announced that it’s banning all exports of the commodity. Besides being the most widely used cooking oil globally, it’s also used in about half of all consumer products in supermarkets such as shampoo and detergent. John Quelch, Dean of Miami Herbert Business School at the University of Miami joins Cheddar News to explain how the ban could impact prices in the United States.
Dave Gray, the head of workplace retirement offerings and platforms at Fidelity Investments, dives into the financial services company's newest initiative to allow investors to allocate up to 20 percent of their savings to Bitcoin. He also discussed some of the educational opportunities Fidelity is providing when it comes to crypto."What we've created here is really a first of its kind account that can be in a workplace 401(k) plan that employers can make available to their employees that allow them to defer money from their paycheck in the account or transfer money from a mutual fund in the account or from that Bitcoin account into a mutual fund," he said.
Dr. Michael Bottlang and Dr. Steve Madey, co-founders of WaveCel, join Cheddar Innovates to share their breakthrough in hard hat design that could have ramifications for protecting against head trauma across industries.
Melissa Snover, Founder & CEO of Nourished, joins Cheddar Innovates to discuss her one-of-a-kind business that offers customizable, 3D printed vitamins that offer less hassle, cost, and waste than traditional vitamins.
