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.”
Stocks ended a wobbly day with mixed results Wednesday after the Federal Reserve said it was seeing improvement in the economy, but not enough to start dialing down its support for it.
Tesla’s quarterly profit has surpassed $1 billion for the first time. The results come as the electric car pioneer navigated through a pandemic-driven computer chip shortage that has caused major headaches for other automakers.
Stocks closed lower on Wall Street, pulling major indexes back slightly from the records they set a day earlier.
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Stocks shook off a wobbly start and finished slightly higher on Wall Street, edging major indexes a bit further into record territory.
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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.
Crocs, the Colorado-based shoe brand, is suing Walmart, Hobby Lobby, and 19 other companies for copyright infringement, alleging the retailers copied its iconic clog.
High-end smoke shop Higher Standards decided to celebrate New York marijuana legalization by commissioning a mural on the store’s facade at Manhattan's Chelsea Market.
