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.”
Reva Shakkottai, Senior Vice President and financial advisor at RBC Wealth Management, joins Cheddar News' Closing Bell, where she elaborates on factors besides Wednesday's Fed decision that led to gains across the major indexes on Thursday, including new home construction and jobless claims data.
March Nadness is officially underway, and betting on this year's tournament has the potential to reach record levels. About 45 million Americans are expected to wager a total of $3.1 billion on just the men's tournament alone, according to a new survey from the American Gaming Association. Prince Grimes, Senior Writer for USA Today's sports betting media property, BetFTW, joins Cheddar News' Closing Bell to discuss how betting could play into this year's tournament and other storylines surrounding March Madness.
Netflix is testing out a way to charge users who share their passwords with friends and family, and while it's not being introduced in the U.S. yet, it might one day. The streaming giant is under pressure to grow membership numbers after lackluster fourth-quarter guidance, and anticipated pressures as people return to work and face higher costs elsewhere, thanks to rising inflation. Will Netflix see increased customer cancellations if it implements a price hike for password sharing? Is the company only focusing on the investor, and not the subscriber? Seth Schachner, Managing Director at StratAmericas and Digital Business Executive, joins Closing Bell to discuss Netflix's plans to charge for password sharing, why the company is doing so, how it might hurt subscriber numbers and more.
Simeon Hyman, Chief Investment Strategist at ProShares, joins Cheddar News' Closing Bell, where he explains why his firm launched the Proshares Metaverse ETF today and how this portfolio offers the opportunity for success both now and in the future.
Medical cannabis company Akanda went public this week in what was the first traditional IPO of the month. Shares jumped about 163% in the stock's first day of trading. The London-based company says it hopes to supply medical cannabis products to wholesalers in international markets. Tej Virk, CEO of Akanda, joins Cheddar News' Closing Bell to discuss.
Art Hogan, Chief Market Strategist at National Securities, joins Cheddar News' Closing Bell, where he breaks down Fed Chair Jerome Powell's speech following the U.S. central bank's decision to raise rates and explains why Powell's comments move the markets more than the Fed decision itself.
Software company Akeneo CEO Fred De Gombert joined Closing Bell to discuss its recently closed Series D funding round raising $135 million in its quest to redefine product information management. De Gombert said the company is set out to improve the product information category by harnessing the power of data, which comes at a time where customer behavior has shifted in the pandemic era. "We are more and more demanding as consumers when we are shopping online or even offline. We are looking for more and more information," De Gombert said.
Guinness Ambassador and Pro Football Hall of Famer Joe Montana and Diageo CEO Nuno Teles got to ring the closing bell at the New York Stock Exchange to celebrate the St. Patrick’s Day holiday for the first time in two years. "We're just happy to be out here celebrating today. not only St. Patrick's Day, but the ability for all of us to get together again, right, and be able to celebrate St. Patrick's Day," said Montana. And with March 17th being the biggest day of the year for the Guinness brand, it comes amid supply chain woes. "Well, there's a high demand and with high demand, we need to really go and be more creative in the way we manage the supply," Teles said. "So we have been able to allocate product, making sure that everyone has what they need to go through this important period of the year, which is St. Patrick's."
Bioscience and genetic engineering company, Colossal, raised $60 million in a Series A funding round. Colossal is focused on developing new technologies and genetic tools to restore extinct species, and protect critically endangered species. One of the startup's long-term goals is to resurrect the woolly mammoth, and return it back to the arctic. Colossal also says it is developing technology that expands beyond animals, and has the potential to advance human health. Ben Lamm, co-founder and CEO of Colossal, joins Cheddar News' Closing Bell to discuss.
