Unemployment Continues to Rise Amid Economic Uncertainty
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Unemployment Continues to Rise Amid Economic Uncertainty
Unemployment , Continues to Rise , Amid Economic Uncertainty.
ABC News reports that the number of Americans
applying for unemployment benefits remains
relatively low, despite rising last week.
.
On April 20, the Labor Department
reported that jobless claims in the U.S.
rose by 5,000 to reach 245,000.
On April 20, the Labor Department
reported that jobless claims in the U.S.
rose by 5,000 to reach 245,000.
At the beginning of 2023,
weekly claims were at about 200,000
and have steadily been climbing higher.
.
At the beginning of 2023,
weekly claims were at about 200,000
and have steadily been climbing higher.
.
As of the week ending April 8, 1.866 million
Americans were collecting unemployment benefits,
up from 1.53 million just one year earlier.
.
ABC News reports that the U.S. job market remains
healthy, with employers adding 236,000 jobs
in March, which is strong by historic standards.
While the (claims) levels are still historically low, the number of people collecting unemployment benefits has definitely been on the rise this year, .., Stephen Stanley, chief U.S. economist at Santander, via ABC.
... another signal that the labor market,
though still hot, is coming back toward
a more balanced/normal state, Stephen Stanley, chief U.S. economist at Santander, via ABC.
The Federal Reserve is looking to secure
a soft landing by lowering growth enough to
control inflation but without triggering a recession.
The Federal Reserve is looking to secure
a soft landing by lowering growth enough to
control inflation but without triggering a recession.
ABC reports that economists remain
skeptical on whether or not the Fed will be
able to achieve the desired soft landing.
Many economists have predicted that the United States
will officially enter into a recession later in 2023
After senior ABC reporter Avani Dias claimed she was compelled to leave the country due to her refusal to align with the government's stance, 30 foreign.. IndiaTimes
Kiss Sells Catalog, , Brand Name and IP.
Pophouse Entertainment Group has bought the rock band's catalog, brand name and intellectual property in a deal worth over $300 million, ABC News reports. .
Björn Ulvaeus of ABBA co-founded Pophouse.
When Kiss played their last show in
December, they revealed digital avatars
of themselves, ABC News reports.
Pophouse partnered with
George Lucas' company, Industrial Light & Magic, to create the avatar technology.
The "ABBA Voyage" show in
London featured an entire performance
with the Swedish band's digital avatars.
ABC News reports that a biopic, documentary and "Kiss experience" are in the works, according to Pophouse CEO Per Sundin.
An avatar show is planned for the later part of 2027.
Gene Simmons said,
"I don't like the word acquisition.".
Collaboration is exactly what it’s
about. It would be remiss in our
inferred fiduciary duty — see what
I just did there? — to the thing
that we created to abandon it, Gene Simmons, to AP.
People might misunderstand and think,
‘OK, now Pophouse is doing that stuff
and we’re just in Beverly Hills twiddling
our thumbs.’ No, that’s not true. , Gene Simmons, to AP.
We’re in the trenches with them.
We talk all the time. We share ideas.
It’s a collaboration. Paul (Stanley) and
I especially, with the band, we’ll stay
committed to this. It’s our baby, Gene Simmons, to AP
Credit: Wibbitz Top Stories Duration: 01:30Published
Sam Bankman-Fried , Speaks Out After Sentencing.
The former FTX CEO was sentenced
to 25 years in prison on March 28.
He was previously convicted of fraud, conspiracy and money laundering.
In an exclusive interview with ABC News,
the 32-year-old exhibited remorse for his actions, saying, "It's most of what I think about each day.".
Bankman-Fried attributed FTX's downfall to many "bad decisions" made in 2022, ABC News reports. .
I never thought that what I was
doing was illegal. But I tried to hold
myself to a high standard, and I
certainly didn't meet that standard. , Sam Bankman-Fried, to ABC News.
I've heard and seen the despair,
frustration and sense of betrayal from
thousands of customers; they deserve
to be paid in full, at current price, Sam Bankman-Fried, to ABC News.
That could and should have
happened in November 2022,
and it could and should happen
today. It's excruciating to see
them waiting, day after day, Sam Bankman-Fried, to ABC News.
Bankman-Fried went on to say that he's "haunted, every day, by what was lost.".
I'd give anything to be able to help
repair even part of the damage.
I'm doing what I can from prison,
but it's deeply frustrating not
to be able to do more, Sam Bankman-Fried, to ABC News.
Bankman-Fried plans to
appeal based on trial testimony that
"greatly misstated what actually happened.".
I'd give anything to be out there, trying
to make a positive difference in the
world, but I know that's not going to
happen. I can't help from prison, Sam Bankman-Fried, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Biden Cracks Down , on ‘Junk Insurance Plans’.
On March 28, President Joe Biden announced that
a new rule will limit short-term health insurance
plans to three months, ABC News reports. .
The plans can now only be renewed for up to
four months instead of three years that were permitted under former President Donald Trump. .
The plans can now only be renewed for up to
four months instead of three years that were permitted under former President Donald Trump. .
Additionally, short-term plan providers must
clearly explain benefit limitations to consumers. .
The president really believes
the American people do not want
to be taken for suckers and junk insurance takes them for suckers, Neera Tanden, Biden's domestic policy adviser, via statement.
Short-term insurance is intended to temporarily serve as a safety net for periods of transition,
such as switching jobs or prior to receiving Medicare.
However, critics call these plans
"junk insurance" because they're often misleading as far as what they actually cover.
ABC News reports that the plans aren't required to cover those with preexisting conditions or pay for prescription drugs.
In 2018, Trump expanded short-term plans and referred to them as "much less expensive health care at a much lower price.".
Neera Tanden, Biden's domestic policy adviser,
said that Trump undermined the Affordable Care Act
(ACA) when he allowed insurance companies to
sell inadequate short-term plans.
Neera Tanden, Biden's domestic policy adviser,
said that Trump undermined the Affordable Care Act
(ACA) when he allowed insurance companies to
sell inadequate short-term plans.
The short-term plan expansion was
upheld by an appeals court in 2020
Credit: Wibbitz Top Stories Duration: 01:31Published
Chick-fil-A Will Start Serving Chicken , Treated With Antibiotics.
On its website, the fast food chain said that
"serving quality food has always been our priority," .
but beginning in spring 2024, the company will
"shift from No Antibiotics Ever (NAE) to No Antibiotics Important To Human Medicine (NAIHM).".
NAIHM restricts the use of those
antibiotics that are important to human
medicine and commonly used to treat
people, and allows use of animal
antibiotics only if the animal and
those around it were to become sick, Chick-fil-A, via statement.
Chick-fil-A previously pledged
"no antibiotics ever" for
more than a decade. .
The change in policy comes amid projected supply shortages, ABC News reports. .
Chick-fil-A highlighted its pledge
to use high-quality chicken.
saying that it only uses "real, white
breast meat with no added fillers, artificial
preservatives, steroids -- and no added hormones.".
saying that it only uses "real, white
breast meat with no added fillers, artificial
preservatives, steroids -- and no added hormones.".
We established an Animal
Wellbeing Council of outside
experts, which provides feedback
on our policies and practices, Chick-fil-A, via statement.
With their input, we are constantly
evaluating our approach to animal
wellbeing to ensure it is consistent
with or exceeds industry standards, Chick-fil-A, via statement
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
~HT.178~PR.282~ED.101~GR.124~
Experts Say Fed's , Rate Hikes Could Impact , Housing Market for Decades.
Yahoo Finance reports that the housing market
has been showing signs of bouncing back as
this year's spring home-buying season begins.
For the second week in a row, mortgage rates
fell, reaching the lowest level in over a month. .
According to Freddie Mac, the average rate
on a 30-year fixed mortgage dropped to
6.74% from 6.88% the week before.
At the same time, supply is also
starting to rebound, with new listings
hitting a 17-month high in February. .
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
According to economist Gary Shilling, the Fed's
campaign has created a "perfect storm,"
with higher rates causing would-be
home sellers to put their plans on hold. .
It won't continue
indefinitely, but it certainly
is disruptive right now, Gary Shilling, Economist, via Yahoo Finance.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
There's going to be low
supply for a long time to
come. What the Fed did…
will have a 30-year tail on it, Glenn Kelman, Redfin CEO, via Yahoo Finance.
Yahoo Finance reports that mortgage rates may be
unlikely to fall much further in the near term, meaning
that a more substantial rebound may still be far off.
Credit: Wibbitz Top Stories Duration: 01:30Published
Data Shows , US Wages Falling , at a 'Striking' Pace.
Fox News reports that wage growth
in the United States has slowed
significantly over the past year. .
According to new data from Indeed,
wage growth is beginning
to near pre-pandemic levels. .
Indeed's wage tracker showed that salaries have had
a marked drop since January 2022, suggesting that
employers are seeing less competition for new hires.
The pace of deceleration
is striking. Posted wage growth
has fallen by almost 3 percentage
points over the past year, Nick Bunker, Indeed labor economist, via Fox News.
Fox News reports that the most pronounced
deceleration was found in low-wage sectors. .
Given the huge run-up in posted
wages for those sectors, wage growth
is still above its pre-pandemic pace.
How long this will last is uncertain, Nick Bunker, Indeed labor economist, via Fox News.
After remaining historically tight throughout the last
year, the labor market is expected to continue slowing
in the coming months amid elevated interest rates.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
Despite this, job growth has
remained resilient, with employers
adding 275,000 jobs in February. .
At the same time, Labor Department
data shows that the unemployment
rate for the month also rose to 3.9%.
Credit: Wibbitz Top Stories Duration: 01:31Published
March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised
some analysts on April 15, 'The Hill' reports. .
The agency's latest estimates indicate
that March retail sales increased by 0.7%.
They were only expected
to rise 0.3% last month.
While sales exceeded estimates for March, the jump
was still below the 0.9% increase in February.
Compared to the same time last year, total sales
for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month. .
The consumer price index (CPI)
increased 0.4% in March and 3.5% annually.
In February, consumer prices
increased 3.2% year-over-year. .
Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Lately, the world seems to be lurching from one crisis to another. We’ve experienced a global pandemic, dramatic changes to how we conduct our daily lives, economic uncertainty, and political and..
Lately, the world seems to be lurching from one crisis to another. We’ve experienced a global pandemic, dramatic changes to how we conduct our daily lives, economic uncertainty, and political and..
Apr. 3, 1963 - President Kennedy said today that budget cuts like those advocated by General Dwight D. Eisenhower were “just bound to put you into an economic decline instead of a rise.” In some of..
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