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.”
Debra Aho Williamson, Principal Analyst for Insider Intelligence, breaks down the details of Elon's Twitter buyout and highlights concerns over regulating Big tech.
Florida Governor Ron DeSantis has signed into law a bill that strips Disney World of its special self-governing status. This came after Disney spoke out against Florida's so-called “Don’t Say Gay” bill, some saying in retaliation of that. Ben Means, Professor of Law and the John T. Campbell Chair in Business and Professional Ethics at the University of South Carolina School of Law, breaks down how the new law might impact Disney’s business moving forward.
Catching you up on what you need to know on April 27, 2022, with Tesla stocks absorbing an initial hit following Elon Musk's purchase of Twitter, Russia pausing its natural gas supplies to Poland and Bulgaria, NASA's SpaceX Crew-4 mission taking off, and more.
General Motors reported a Q1 net income of $2.9 billion and a raise in their full-year guidance. This comes as the auto giant steps up production of its electric vehicles amid production headwinds. Paul Jacobson joined Cheddar News to talk about the earnings report and its ongoing electric vehicle strategy. "One of the things I'm most proud of is the fact that we're continuing to lean in and accelerate on our electric vehicle journey," he said. "When you think about it, we're going to produce 400,000 vehicles over the next two years by the end of 2023, and we'll have production capabilities up and will produce more than a million vehicles in North America alone in 2025."
Members-only home swapping network Kindred recently announced its launch alongside a $7.75 million seed round led by Andreessen Horowitz. Homeowners and renters can exchange homes on Kindred's platform, which the company says allows members to travel and take advantage of remote-work flexibility at the fraction of the cost of a hotel or rental home. Justin Palefsky and Tas Amina, co-founders of Kindred, join Cheddar News' Closing Bell to discuss.
