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.”
Stocks closed higher Thursday as investors focused on big tech earnings, including a strong report from Facebook parent company Meta. The movement was largely led higher by the tech sector, and the Nasdaq saw gains after recent volatility. However, the index is still on pace for its worst month since March 2020. Stuart Kaiser, Head of Global Equity Derivatives Research at UBS, joins Closing Bell to discuss today's close, the Federal Reserve's plan to tackle inflation, and more.
Mental health platform Real recently raised $37 million in a Series B round led by Owl Ventures. Through its mobile app, Real says it provides mental health care at a lower cost than traditional therapy and aims to make mental wellness a part of everyone's daily routine. The company also announced that U.S. soccer star Megan Rapinoe will serve as an adviser to the company. Ariela Safira, Founder & CEO of Real, joins Cheddar News' Closing Bell to discuss.
It’s NFL draft night! A former defensive end for the Dolphins, Bears, and Texans Wale Ogunleye joined Cheddar News to talk about which rookies-to-be the NFL teams will be picking and also discuss the impact of the pandemic on the incoming players. "I do think having the ability to stay at school maybe a year or two longer, and it may be getting your adulthood going, it might help out a lot, but again, it's a different animal in that locker room," he said. Ogunleye, who also heads sports and entertainment at the financial firm UBS, also talked about providing financial literacy education and advice for young athletes.
Overstock.com CEO Jonathan Johnson joined Cheddar News to discuss the company's Q1 earnings miss as the internet retailer saw a 19 percent drop in sales since 2019. "Consumer sentiment got pretty soft. Despite that we were able to manage expenses, make money beat on the bottom line," he said regarding headwinds like inflation, gas prices, and the war in Ukraine. "But I think, look, e-commerce is here to stay. It's here to stay for the home space."
The all-women founders of the infused tequila brand 21Seeds Kat Hantas, Sarika Singh, and Nicole Emmanuel joined Cheddar News to talk about the recent acquisition of their company by the alcoholic beverage giant Diageo, gaining "world domination" in the tequila market, and enhancing Cinco de Mayo cocktails with their product. "If you want to lighten it up and you're looking for an RTD alternative, like one of those ready to drink alternatives, you can make that at home," said Hantas.
Catching you up on what you need to know on April 28, 2022, with Elon Musk mocking Twitter's top legal exec Vijaya Gadde on the platform itself, a probe in George Floyd's death finding discrimination within the Minneapolis police force, the latest California drought leading to new water restrictions, and more.
