Unemployment Rate Falls As Job Market Stays Strong
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Unemployment Rate Falls As Job Market Stays Strong
Unemployment Rate Falls , As Job Market Stays Strong.
In September, job growth fell short of expectations while the unemployment rate declined despite the Federal Reserve's efforts to slow the United States economy.
In September, job growth fell short of expectations while the unemployment rate declined despite the Federal Reserve's efforts to slow the United States economy.
NBC reports that nonfarm payrolls rose 263,000 for the month compared to prior Dow Jones estimates of 275,000.
Meanwhile, unemployment hit 3.5% as the labor force participation rate dropped to 62.3% and the size of the labor force shrunk to 57,000.
.
The payroll figure for September decelerated and tied for the lowest monthly increase since April of last year.
Depending on your view of
optimism vs.
Pessimism, on
the economy, there’s a little bit of
something for everyone in this report, Liz Ann Sonders, chief investment strategist at Charles Schwab, via NBC.
Obviously, the market is not happy,
but the market is not happy
in general these days, Liz Ann Sonders, chief investment strategist at Charles Schwab, via NBC.
NBC reports that wage numbers
saw average hourly earnings rise 0.3%
on the month and 5% from a year ago.
The reports comes as the Fed has been making
moves to tackle inflation that's currently running
close to its highest annual rate in over 40 years.
The reports comes as the Fed has been making
moves to tackle inflation that's currently running
close to its highest annual rate in over 40 years.
So far, the U.S. central bank has raised
rates five times this year and is expected
to continue hiking into 2023.
So far, the U.S. central bank has raised
rates five times this year and is expected
to continue hiking into 2023.
According to officials at the Fed, the central bank
is aware that the rake hikes will inflict
"some pain" on consumers and the economy
Crypto Hacks Stole , Record $3.8 Billion in 2022, Report Finds.
NBC reports that last year was the worst
on record for cryptocurrency theft,
with hackers taking as much as $3.8 billion. .
According to a U.S.-based blockchain
analytics firm, hackers linked to North Korea
stole a record-breaking amount in 2022. .
A report by Chainalysis released on February 1
found that hacking activity had
"ebbed and flowed" throughout the year. .
The report also found that
there were "huge spikes"
in both March and October. .
The month of October ended up being the biggest
single month ever for cryptocurrency hacking with
32 separate attacks resulting in $775.7 million stolen.
NBC reports that 2022 was a hard year for
cryptocurrencies, with diminishing risk appetite
and the collapse of several crypto firms.
NBC reports that 2022 was a hard year for
cryptocurrencies, with diminishing risk appetite
and the collapse of several crypto firms.
In the end, investors suffered huge
losses, and regulators increased calls
to bolster consumer protection.
According to the report, North Korea-linked
hackers, like the syndicate Lazarus Group, stole
an estimated $1.7 billion in multiple 2022 attacks.
In 2022, they shattered
their own records for theft, Chainalysis report, via NBC.
It isn’t a stretch to say that
cryptocurrency hacking
is a sizable chunk of
the nation’s economy, Chainalysis report, via NBC
Credit: Wibbitz Top Stories Duration: 01:30Published
Bed Bath & Beyond , Inches Toward Bankruptcy , With More Store Closures on the Way.
Bed Bath & Beyond has announced that the company
will be closing an additional 87 locations along
with all Harmon health and beauty stores. .
Bed Bath & Beyond has announced that the company
will be closing an additional 87 locations along
with all Harmon health and beauty stores. .
NBC reports that the news comes as the troubled
retailer looks to consolidate assets ahead of
a potential bankruptcy filing in the near future.
As we work with our advisors
to consider multiple paths,
we are implementing actions
to manage our business
as efficiently as possible, Bed Bath & Beyond, via statement.
The company added that
the decision to close more locations was, "based on a variety of factors.".
In the latest announcement,
the company said that it would also
be closing five buybuy BABY stores. .
NBC reports that Bed Bath & Beyond has
announced 237 store closures in the past year.
On January 31, Reuters reported that
the company could potentially file for
bankruptcy within the next week.
On January 31, Reuters reported that
the company could potentially file for
bankruptcy within the next week.
Last week, Bed Bath & Beyond
said that it had defaulted on
a loan to JP Morgan Chase and Co.
According to a Reuters report,
the company is looking to skip additional
debt payments due February 1.
The outlet reports that missing payments
such as this is typically a sign that a distressed
company is looking to conserve cash.
The turnaround plan put in place
last year is not working... Put bluntly,
the business is moving at rapid speed
in the wrong direction with bankruptcy
the most likely destination, Neil Saunders, GlobalData analyst, via Reuters.
The turnaround plan put in place
last year is not working... Put bluntly,
the business is moving at rapid speed
in the wrong direction with bankruptcy
the most likely destination, Neil Saunders, GlobalData analyst, via Reuters
Credit: Wibbitz Top Stories Duration: 01:30Published
Half a Million Workers , Participate in Massive Strikes , Across the UK.
On February 1, the United Kingdom saw thousands
of people participate in the largest strike Britain
has experienced in over a decade.
NBC reports that the strikes come as unions
increase pressure on the government to demand
higher wages amid an ongoing cost-of-living crisis.
The strikes resulted in thousands of schools closing some
or all of their classrooms while train services were brought
to a standstill, and delays were expected at airports. .
According to the Trades Union Congress,
an estimated half a million workers participated
in the walkout across the U.K.
More strikes are reportedly planned
for the coming days and weeks,
which will include nurses and ambulance workers.
NBC reports that the last time the U.K. saw strikes
on this scale was in 2011 when over 1 million public
sector workers took part in a dispute over pensions.
According to union bosses, wages in
the public sector have failed to keep
pace with skyrocketing inflation.
On February 1, the Trades Union Congress
said that the average worker is about $250
a month worse off than they were in 2010.
Currently, inflation in the U.K.
stands at 10.5%, the highest
it's been in 40 years. .
NBC reports that while some economists have
predicted price increases to slow in 2023,
the economic outlook for the U.K. remains grim. .
On January 31, the International Monetary
Fund forecast Britain to be the only major
economy to contract in the year to come.
Credit: Wibbitz Top Stories Duration: 01:31Published
CBS Announces, 'Dr. Phil' Is, Coming to an End.
NBC reports that Phil McGraw
will be ending the show's 21-year run in the spring.
NBC reports that Phil McGraw
will be ending the show's 21-year run in the spring.
According to CBS Media Ventures,
the show will come to an end after
the conclusion of the current season.
CBS Media Ventures is a content creator
associated with CBS network under
the conglomerate Paramount Global.
In a statement released on January 31, CBS Media
Ventures said that McGraw plans to announce a new
"prime-time partnership" set to launch in 2024.
In a statement released on January 31, CBS Media
Ventures said that McGraw plans to announce a new
"prime-time partnership" set to launch in 2024.
This has been an incredible chapter
of my life and career, but while I’m
moving on from daytime, there is
so much more I wish to do, Phil McGraw, via statement.
This has been an incredible chapter
of my life and career, but while I’m
moving on from daytime, there is
so much more I wish to do, Phil McGraw, via statement.
With this show, we have helped
thousands of guests and millions
of viewers through everything
from addiction and marriage to
mental wellness and raising children, Phil McGraw, via statement.
With this show, we have helped
thousands of guests and millions
of viewers through everything
from addiction and marriage to
mental wellness and raising children, Phil McGraw, via statement.
Steve LoCascio, the president of CBS Media Ventures, said in a statement that McGraw's transition will keep him in the CBS network. .
Steve LoCascio, the president of CBS Media Ventures, said in a statement that McGraw's transition will keep him in the CBS network. .
While his show may be ending
after 21 years, I’m happy to say
our relationship is not, Steve LoCascio, President of CBS Media Ventures, via NBC.
NBC reports that following the final season,
CBS plans to continue airing reruns of 'Dr. Phil,'
potentially with newly-recorded intros.
We plan to be in the ‘Dr. Phil’ business
with the library for years to come
and welcome opportunities to
work together in the future, Steve LoCascio, President of CBS Media Ventures, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Poised to Announce , Latest Interest Rate Hikes , Despite Slowing Inflation.
On February 1, the Federal Reserve will announce
its latest interest rate increase which comes amid
the central bank's aggressive campaign to slow inflation.
NBC reports that while there are signs that inflation
is slowing, some indications suggest the economy
is reflating, which could also send prices up. .
We expect Fed Chair Powell
will insist on the need hold
policy at a restrictive level
for some time to bring inflation
down toward the 2% target, Gregory Daco, chief economist at Ernst & Young’s EY-Parthenon consultancy, via NBC.
Powell will also stress that
history cautions strongly against
prematurely loosening policy, Gregory Daco, chief economist at Ernst & Young’s EY-Parthenon consultancy, via NBC.
Powell will also stress that
history cautions strongly against
prematurely loosening policy, Gregory Daco, chief economist at Ernst & Young’s EY-Parthenon consultancy, via NBC.
According to the 'Bloomberg' index,
financial conditions have eased to reach
the lowest level since last February.
These changes can be seen in declining average
mortgage rates, which have retreated back to
6.13% after hitting a high of 7.08% in November.
NBC reports that the rising price of commodities like oil
and the improvement of the stock market have contributed
to a sense of cautious optimism regarding the economy.
NBC reports that the rising price of commodities like oil
and the improvement of the stock market have contributed
to a sense of cautious optimism regarding the economy.
The positive changes have eased fears of a global
recession, yet economists believe that the Fed will
continue to clamp down to prevent rapid economic growth.
According to Neil Dutta, the head of U.S. economics
at Renaissance Macro financial group, the Fed's
0.25% interest rate hike may end up being too small. .
The Fed’s story only
works if the economy
is slowing down.
Sorry, but I don’t see it, Neil Dutta, head of U.S. economics at
Renaissance Macro financial group, via NBC
Credit: Wibbitz Top Stories Duration: 01:30Published
Interest Rates , Likely to Stay High , Despite Inflation Cooling.
In December, price growth in
the United States cooled, despite the economy
continuing to show signs of weakness.
NBC reports that inflation
ended up at 6.5% compared
to the same time in 2021.
In line with expectations,
month-to-month inflation
fell by 0.1% in December.
Despite the slowing rate of inflation,
the Federal Reserve appears unlikely to pull
back from its interest rate hike strategy.
According to Federal Reserve Chair
Jerome Powell, the central bank will not stop hiking
interest rates until inflation gets closer to 2%. .
NBC reports that the economy
has been buoyed by
a strong labor market. .
According to the Bureau of Labor
Statistics, unemployment has reached
a 53-year low, dropping to 3.5%. .
However, companies are still facing
difficulty in filling positions, as evidenced
by the 10.5 million job openings in the U.S.
The high number of openings has led to an increase
in wages, however the Fed warns that the trend is
likely to translate into higher prices for consumers.
To be clear, strong wage growth is
a good thing. But for wage growth
to be sustainable, it needs to be
consistent with 2% inflation, Jerome Powell, Federal Reserve Chair, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Fed Must Be Free of
'Political Control', to Curb Inflation, , Powell Says.
Federal Reserve Chairman Jerome Powell made the comments on Jan. 10.
Powell stated that preventing further price increases might mean the Fed makes decisions that are disliked by either side of the political aisle.
Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. , Jerome Powell, Federal Reserve Chairman,
via NBC News.
But restoring price stability
when inflation is high can require measures that are not popular
in the short term as we raise interest rates to slow
the economy, Jerome Powell, Federal Reserve Chairman,
via NBC News.
The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors, Jerome Powell, Federal Reserve Chairman,
via NBC News.
Powell made the comments as part of a speech focused on the autonomy of a nation's central bank.
Powell also responded to calls for the Fed to enact policy that would address climate change.
[The Federal Reserve should] stick to our knitting and not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities, Jerome Powell, Federal Reserve Chairman,
via NBC News.
The Federal Reserve has directed major banks to take stock of how prepared the institutions would be in the event of a major climate crisis.
Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public’s will as expressed through elections, Jerome Powell, Federal Reserve Chairman,
via NBC News.
But without explicit congressional legislation, it would be inappropriate for us to use our monetary policy ... , Jerome Powell, Federal Reserve Chairman,
via NBC News.
... or supervisory tools to promote a greener economy
or to achieve other climate-based goals. , Jerome Powell, Federal Reserve Chairman,
via NBC News.
We are not, and will not be, a ‘climate policymaker.’, Jerome Powell, Federal Reserve Chairman,
via NBC News
Credit: Wibbitz Top Stories Duration: 01:30Published
Latest Fed Rate Outlook , Has Mixed Impact , on US Stock Markets.
Business Insider reports that U.S. stocks saw
mixed results as investors reacted to the
latest Federal Reserve interest rate outlook.
Business Insider reports that U.S. stocks saw
mixed results as investors reacted to the
latest Federal Reserve interest rate outlook.
On January 9, San Francisco Fed President Mary Daly,
along with Atlanta Fed President Raphael Bostic, said
the central bank is likely to raise rates past 5%.
On January 9, San Francisco Fed President Mary Daly,
along with Atlanta Fed President Raphael Bostic, said
the central bank is likely to raise rates past 5%.
According to Business Insider, they also said
the Fed is expected to keep rates raised as
a means of combating record-high inflation.
CME FedWatch suggests 80% odds
that another 25-basis-point hike
is on the way in February.
Investors are also eagerly anticipating
the December Consumer Price Index
report due out on January 12.
That report is a key inflation measure
that will have an influence on the
central bank's upcoming policy decisions. .
At the closing bell on January 9, the S&P 500 ended the day
down 0.08%, the Dow Jones Industrial Average ended
down 0.34% and the Nasdaq Composite went up 0.63%. .
Meanwhile, Bank of America has warned
that stock valuations remain too high and
the market risks dropping by as much as 30%.
Meanwhile, Bank of America has warned
that stock valuations remain too high and
the market risks dropping by as much as 30%.
Morgan Stanley has warned
that the S&P 500 could
slip an additional 22%. .
Morgan Stanley has warned
that the S&P 500 could
slip an additional 22%. .
However, according to Moody's economist, the chances
of the U.S. avoiding a recession are growing as
the number of layoffs has been below expectations.
Credit: Wibbitz Top Stories Duration: 01:31Published
Goldman Sachs Joins, Growing Number of Top Companies , to Lay Off Thousands.
CNN reports that sources say Goldman Sachs (GS) is
getting ready to lay off up to 3,200 employees this
week amid an uncertain economic and market climate. .
CNN reports that sources say Goldman Sachs (GS) is
getting ready to lay off up to 3,200 employees this
week amid an uncertain economic and market climate. .
According to one source, over a third of
the layoffs are expected to be from
the bank's trading and banking units.
The source also said that hiring for roles in other
areas is expected to continue and a new
analyst role will start as planned later this year.
CNN reports that GS had
approximately 49,100 employees
as of the end of the third quarter. .
Amid the pandemic recovery,
the bank added thousands of jobs as
the market and investment banking surged.
Efforts by the Federal Reserve to reign in skyrocketing
inflation has caused companies to conserve cash
amid growing fears of a global recession.
Efforts by the Federal Reserve to reign in skyrocketing
inflation has caused companies to conserve cash
amid growing fears of a global recession.
As a result, GS saw its
revenue drop 12% during
the third quarter of 2022. .
CNN reports that revenue
for investment banking
has plummeted 57%
compared to 2021.
The reported layoffs come as other
banks and top companies brace for
what is expected to be a chaotic year.
Earlier this month,
Amazon announced plans to
lay off over 18,000 employees.
Meanwhile, Morgan Stanley
have also started layoffs amid
an uncertain business environment.
Credit: Wibbitz Top Stories Duration: 01:31Published
US Weekly
Jobless Claims Drop.
Reuters reports that for the week ending
Oct. 15, new unemployment claims fell to 214,000.
Economists expected that number
to be higher at 230,000.
Earlier this..
Credit: Wibbitz Top Stories Duration: 01:31Published
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