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.”
The Treasury Department pushed for the requirement to help close the tax gap in the crypto industry by forcing better IRS reporting, but legislators on both sides of the aisle argue that the language is too broad and could curb innovation in the space.
The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly from last year’s coronavirus recession.
Samsung said it plans to build a $17 billion semiconductor factory in Texas amid a global shortage of chips used in phones, laptops, cars and other electronic devices.
Stocks ended with scant gains after another wobbly day of trading on Wall Street Wednesday as the market remained unsettled ahead of the Thanksgiving holiday.
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Businesses are turning increasingly to virtual items as gift options this holiday season, especially as shipping delays and shortages make some physical items less available.
Federal officials said Monday they are seeking more than $160,000 in fines from eight airline passengers over incidents involving alcohol.
Good Morning America co-host Michael Strahan will be among the crew on Blue Origin’s next flight to space.
President Joe Biden is ordering a record-setting 50 million barrels of oil released from America's strategic reserve to help bring down energy costs.
Stocks closed mixed on Wall Street Tuesday after a day of wobbly trading. Losses in big technology stocks and companies that rely on consumer spending tempered gains elsewhere in the market.
