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.”
In his opening remarks for the Jackson Hole Economic Symposium, Federal Reserve Chair Jerome Powell signaled that the central bank could begin tapering its $120 billion in monthly asset purchases this year.
Wall Street rallied to more record highs Friday after the head of the Federal Reserve said it’s still far from pulling interest rates off the record low that has helped the market soar.
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The U.S. economy grew at a 6.6% annual rate last quarter, slightly faster than previously estimated, the government said Thursday in a report that pointed to a sustained consumer-led rebound from the pandemic recession.
The number of Americans applying for unemployment benefits rose for the first time in five weeks even though the economy and job market have been recovering briskly from the coronavirus pandemic.
Stocks closed lower Thursday following deadly suicide attacks at the Kabul airport in Afghanistan that killed at least 12 U.S. service members and wounded several others.
Delta Air Lines won't force employees to get vaccinated, but it's going to make unvaccinated workers pay a $200 monthly charge.
OnlyFans says it has suspended a plan to ban sexually explicit content following an outcry from its creators and advocates for sex workers.
Stocks pushed higher again on Wall Street Wednesday, marking more milestones for the S&P 500 and the Nasdaq.
