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.”
Robinhood has released its newest debit card, called the Robinhood Cash Card, which allows users to invest spare change with a rounding up feature while spending money. Robinhood Chief Product Officer Aparna Chennapragada, joined Cheddar News to talk about the latest product from the fintech company. "When we talk to our customers, especially this generation of customers, they want to have their debit primary. They're wary of fees. They're wary of credit cards," she said. "But they are all interested in investing, whether it be in the stock market or crypto, and what we said is, let's build a product that turns spending into investing."
David Swartz, an equity analyst at Morningstar, breaks down the bright spots of Nike's direct-to-consumer model and how a Kohl's buyout could affect the company's structure.
Anne Price, President of The Insight Center for Community Economic Development, talks about the Fed's approach to tackling inflation and how the policy changes disproportionality impact low-income and multicultural households.
Francis Oh, APAC CEO of Qraft Technologies, discusses the market reaction after FOMC members signal they're in favor of more aggressive rate hikes and how geopolitical pressures may impact the Fed's inflation target.
Boeing shares saw a pullback after a 737-800 aircraft with 132 people on board nosedived mid-flight, crashing into the mountains of Southern China. China's Eastern Airlines plane was not a 737-Max model, which was grounded worldwide after two fatal crashes in 2018 and 2019, but it's once again raising questions about the safety of Boeing's aircraft. Michael Boyd, CEO of Boyd Group International, gave Opening Bell his take on what another crash means for Boeing.
