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By Staff Reporters
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The number of people seeking unemployment benefits in the U.S. reached a four-month low last week, a sign that employers are holding on to their workers despite the Federal Reserve’s efforts to slow the economy and tamp down inflation. U.S. jobless aid applications for the week ending January14th fell by 15,000 to 190,000, from 205,000 the week before, according to the Labor Department. The four-week moving average of claims, which can even out the week-to-week volatility, declined by 6,500 to 206,000. Jobless claims generally serve as a proxy for layoffs, which have been relatively low since the pandemic wiped out millions of jobs in the spring of 2020. And, the labor market is closely watched by the Federal Reserve, which raised interest rates seven times last year in a bid to slow job growth and bring down stubbornly high inflation.
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According to Bloomberg, Netflix Inc. co-founder Reed Hastings is stepping aside as Chief Executive Officer of the company he’s led for more than two decades, leaving the position to his two longtime associates, Ted Sarandos and Greg Peters.
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U.S. stocks were lower, adding to yesterday’s sharp draw downs as investors remain concerned regarding the Fed’s monetary policy decisions and its ultimate impact on the economy. Economic data was mixed, as housing starts came in above estimates, building permits missed forecasts, and jobless claims unexpectedly dropped, while Philadelphia’s manufacturing output improved more than expected but remained contractionary. Q4 earnings season continued to heat up, as Dow member Procter & Gamble matched estimates, while Discover Financial Services topped forecasts but offered cautious guidance about charge offs, and Allstate Corporation issued a Q4 profit warning.
Treasury yields gained modest ground, and the U.S. dollar declined, while crude oil and gold prices rose.
Asian stocks finished mixed and markets in Europe saw widespread losses, trimming some of its strong start to 2023.
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Finally, bankrupt Crypto exchange FTX is looking into the possibility of reviving its business, Chief Executive Officer John Ray just told the Wall Street Journal. Ray, who took over the reins in November, has set up a task force to explore restarting FTX.com, the company’s main international exchange. The CEO also told the Journal that he would look into whether reviving FTX’s international exchange would recover more value for the company’s customers than his team could get from simply liquidating assets or selling the platform. FTX’s native token FTT surged nearly 30% after the report.
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Filed under: "Advisors Only", Accounting, Alerts Sign-Up, Events-Planner, Investing | Tagged: Allstate, Asian stocks, DJIA, Federal Reserve, FOMC, FTX, Greg Peters, inflation, job growth, jobless, jobless claims, jobs report, John Ray, NASDAQ, Netflix, Procter & Gamble, Reed Hastings, S&P 500, Ted Sarandos, Treasury yields, unemployment, unemployment benefits | Leave a comment »
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