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.”
El Salvador President Nayib Bukele says his government will build an oceanside “Bitcoin City” at the base of a volcano.
A late drop robbed the S&P 500 of another record high on Wall Street Monday and left major indexes mostly lower after being up for much of the day.
Target will no longer open its stores on Thanksgiving Day, making permanent a shift to the unofficial start of the holiday season that was suspended during the pandemic.
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.
Cheddar has been covering the biggest news of the week with some of the biggest names in the biz. In case you missed it, we've pulled together some of the highlights that will keep you informed as we get ready for the week ahead.
Stocks closed mostly lower on Wall Street Friday, though gains for several tech companies pushed the Nasdaq composite to another record high and its first close over 16,000 points.
The number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low of 268,000.
Stocks closed mixed on Wall Street Thursday as investors reviewed the latest earnings reports from retailers and an update on the employment market.
Ethereum has long played second fiddle to the headline-grabbing Bitcoin, but the world's second most valuable cryptocurrency has plenty of defenders who say it's destined for the throne.
Stock indexes shuffled lower on Wall Street Wednesday, pulling a bit further off their record heights.
