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.”
GreenPower Motor Company CEO Fraser Atkinson joined Cheddar News to discuss Gov. Jim Justice's plan for West Virginia to reduce carbon emissions in 2022 by adding a school bus fleet of B.E.A.S.T.s — or battery-electric automated school transportation. Atkinson discussed why the state was perfect for manufacturing electric buses, and the economic impact its facilities will have on the region. He also noted a health impact the new vehicles could have, citing research that children from kindergarten to sixth grade are most at risk for cancers and respiratory illnesses due to exhaust pollution.
As food prices continue to rise, the cost of eating at home is starting to outweigh the cost of eating out. According to the Labor Department, grocery prices jumped a whopping 6.5 percent in December, while restaurant prices rose only 6 percent. Daniel Ammen, the senior director of project management and purchasing at restaurant management company Front Burner Brands, joined Cheddar to discuss how its own restaurant, The Melting Pot, is navigating the cost differential and how its restaurants overall are dealing with ongoing staffing shortages.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Two of the biggest names in crypto had a public spat this week over whether stablecoin issuers should have to reveal to the general public what's in their reserves.
Americans overlooked shortages, spiking prices and uncertainty over the omicron variant to break spending records during the critical holiday shopping season.
Amid a rise in gun-related deaths in 2021, a smart technology solution is being touted to help personalize and secure the use of firearms for owners in hopes of preventing unauthorized use and accidents. Gareth Glaser, president and CEO of LodeStar Works talked with Cheddar about adding fingerprint or smart tech locks to its 9mm handgun as a way of addressing the deadly issue without a partisan viewpoint. "We felt a technical solution would be the best way to go," Glaser said. "It's nonpolitical, and it actually addresses the product itself as opposed to a cultural issue."
Stocks closed lower Thursday and the Nasdaq snapped a three-day streak as tech stocks tumbled. Investors have been eyeing how the Federal Reserve will implement its more aggressive monetary policy amid rising inflation, including three potential rate hikes this year, with the first one coming as soon as March. Melissa Brown, Managing Director of Applied Research at Qontigo, joins Cheddar News' Closing Bell to discuss today's close, market valuations, big tech weakness, moving into bonds, and more.
As the cryptocurrency and digital asset space continues to evolve and grow, one podcast launching on Spotify's new video podcast platform aims to inform listeners about the various uses and developments in the crypto world. 'New Money' features guests from the entertainment and sports worlds discussing building wealth in the crypto space, creating NFTs, working on digital contracts, and more. Solo Ceesay, co-host of the 'New Money' podcast and co-founder of creator-focused social media platform Calaxy, joins Cheddar News' Closing Bell to discuss what the podcast will explore, its guest lineup, how they verify content amid broader crypto speculation, and more.
Two key reports from the Labor Department this week show inflation is still running red hot. Consumer prices soared 7% in 2021, the highest increase in nearly 40 years, and producer prices followed suit, rising 9.7%. Brian Levitt, Global Market Strategist at Invesco, joined Cheddar News' Closing Bell to break down the latest data and what it means for the economy moving forward.
Lime is celebrating the launch of its latest electric bike in Washington, DC, this week, with more cities joining in this spring. The Gen4 e-bike boasts a new look, a more powerful motor, and a battery that's interchangeable with the Gen4 e-scooter. CEO Wayne Ting joined Cheddar to discuss the company's investment in electric bikes and the potential role of micromobility in the metaverse. "I think it would be incredible as a way to teach people to live greener, if there are worlds out there, metaverses out there, where the way you go faster in that world is if you take a bike and a scooter," he said. "So, you're teaching people better behavior as part of their virtual world as well."
