A female recruiter is interviewing a job candidate using a laptop and reviewing their resume in an office (Olga Rolenko/Getty Images)
By Matt Ott
More Americans applied for unemployment benefits last week, but not enough to raise concern about the labor market or broader economy.
Jobless claims rose to 218,000 for the week ending Dec. 23, an increase of 12,000 from the previous week, the Labor Department reported Thursday. The four-week average of claims, which smooths out week-to-week ups and downs, fell by 250 to 212,000.
Overall, 1.88 million Americans were collecting jobless benefits during the week that ended Dec. 16, an increase of 14,000 from the previous week.
Weekly unemployment claims are a proxy for layoffs. They have remained at extraordinarily low levels in the face of high interest rates.
The Federal Reserve started raising interest rates early last year to try to beat down the inflation that surged after an unusually strong economic rebound from the COVID-19 recession of 2020. The Fed has raised its benchmark rate 11 times since March of 2022.
Inflation has eased, but remains slightly above the Fed’s 2% target. The Fed has left rates alone at its last three meetings and is now signaling that it could cut rates three times next year.
When the Fed started raising rates, many economists predicted that the U.S. economy would slide into recession. But the economy and the job market have proven surprisingly resilient. The unemployment rate has come in below 4% for 22 straight months, the longest such streak since the 1960s. Hiring has slowed but remains healthy.
The combination of decelerating inflation and low unemployment has raised hopes that the Fed is managing a so-called soft landing: raising rates just enough to bring down prices without causing a recession.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
