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.”
Chinese electric vehicle maker, Xpeng, just announced it's jacking up the price of its EVs due to the cost of raw materials on the rise. Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions, joins Cheddar News to discuss.
Stocks closed near session highs Thursday as investors focused on falling jobless claims and shares that have a lot to gain from a recovering economy, including chipmakers.
David Scranton, CEO and Founder of Sound Income Strategies, joins Closing Bell to discuss today's close, why markets have been on a roller coaster lately, the biggest factors investors are watching, and what the Federal Reserve might do to try to combat rising inflation.
Jesse Coors-Blankenship and Gregg Hill, general partners at Parkway VC, joined Cheddar News' Closing Bell, where they say they decided to invest in Sandbox AQ because the Alphabet spinoff is 'one of the most important companies of the century' with a team carrying strong knowledge of A.I. and quantum tech.
Electric scooter company Spin is teaming up exclusively with ride-hailing business Lyft to provide scooter rentals in cities across the country, beginning with Nashville. Spin CEO Ben Bear joined Cheddar News to talk about the rollout and detail how Lyft users will be able to access Spin scooters. "It's a completely native integration, and we think reducing that friction it's just gonna be key to getting more people out of personal cars and onto bikes and scooters across the country."
Users can now call for a traditional cab on the Uber app in New York City. The company that started out looking to disrupt yellow cabs and car services is now hoping to be a host for all taxi services globally in the future.
