Jobless Claims to Provide Latest Snapshot on Economy’s Health: Live Updates
The latest state of the labor market and economic recovery will come on Thursday when the Labor Department issues its weekly report on unemployment claims.
Amid a steady decline in coronovirus cases, economists expect to see new claims for state benefits tick again last week as long as they remain exceptionally high. Although the economic crisis is at its peak, they say, permanent damage to the labor market is uncertain. Which will be clear in the coming few months.
Diane Swonk, chief economist at the accounting firm Grant Thornton, said that unemployment claims “have been at a really high level for a long time.” “What’s going to happen going forward. Are they falling on time at some point or are there some long term issues?”
One marker that economists are looking at is the number of people filing for extended benefits, a sign that they have exhausted their regular unemployment benefits, which last up to 26 weeks in many states.
“We’re worried about more people coming out of regular claims getting into extended claims,” said Gregory Dako, chief US economist at Oxford Economics. “This is not a good sign.”
Congress has continued to work on a $ 1.8 trillion relief package proposed by President Biden, but adding urgency is the end of the supplemental unemployment benefit in mid-March. The Biden proposal will extend them through September.
There have been some positive signals for the job market in recent times. Retail sales grew 5.3 percent In January, a larger gain than expected, most likely driven by the latest round of stimulus investigations.
Actually, said Elizabeth Konkel, an economist for the career site In fact the retail job posting was 2.6 percent higher Compared to February 2020. There has been a 3.9 percent increase in job postings on the site.
But the economy is still weak. Of labor department Employment Report for January, Which showed a gain of just 49,000 jobs, reaffirmed the devastation of the epidemic. Of the missing 22 million jobs, about 10 million have been lost.
Hearings about the recent GameStop trading frenzy will be held until noon House Committee on Financial Services, Will likely feature populist fury directed at both popular trading app Robinhood and short sellers, which target video retailers.
Representative Alexandria Ocasio-Cortez, a New York Democrat and a member of the financial services panel that is hearing, called Robinhood’s decision “unacceptable” amid a frenzy to stop some of GameStop’s trades. Representative Rashida Talib of the Michigan Democrat, who is also on the committee, called the decision “beyond absurd” and accused the app of “blocking the ability to trade to protect hedge funds.”
Disappointment with Robinhood and hedge funds Refers to the national backlash Against the power of the country’s largest corporations. Over the past decade, a growing number of lawmakers from both political parties have alleged that US business has failed its constituents, instituting a political reimbursement from Wall Street to Silicon Valley.
Anger against Robinhood is bipartisan. Republican Senator Ted Cruz of Texas shared Ms. Ocasio-Cortez’s comments in the agreement in January. Republican Senator Marsha Blackburn of Tennessee said in her tweet, “Free the merchants on @RobinhoodApp.”
Return in the afternoon for video and live coverage of the hearing.
Keith Gill, former Mass. Wellness education director who advocated for shares of Gametop in his spare time, is set to tell a House committee on Thursday that he never advised investing for a fee and to buy stocks or Do not advise anyone to sell. For my own benefit. “
The statement makes no mention of the fact that Mr. Gill was a registered securities broker and a chartered financial analyst when he was posting online about Gamertop, aka Rearing Kitty and another pseudonym Was that contained pornography.
In a five-page statement, Mr. Gill described himself as a true believer in the video game retailer’s fortunes, and said that his posting online about the company had nothing to do with his job at Mossmutual. He portrayed himself as a man-of-the-fight who was battling with wealthy hedge funds, some of whom were shorting GameSop’s shares and placing bets on its collapse.
“The idea that I have used social media to promote GameShop stock to release investors is more dangerous than before,” Mr Gill said in the statement. Month in GameStop shares. “I was abundantly clear that my channel was for educational purposes only, and that my aggressive style of investment was not suitable for the majority of people checking the channel.”
He said that he had shared his investment ideas online because he had “reached a level where I felt that sharing them publicly could help others.”
Mr. Gill described himself as an average person, earning a modest income and effectively being out of work for two years before landing on Masmuil in April 2019. The statement looked at how much money was in GameSop’s trading shares – although he said at one point he told his family that “we were millionaires.” He also did not mention whether Massachusetts securities regulators are investigating whether they violated securities industry rules and regulations with their social media postings.
On Tuesday, Mr. Gill and his former employer, named as defendants in a proposed class-action lawsuit, claimed they misled retail investors who bought shares of GameStop during their 1,700 percent rally, only to lose. The stock quickly gave back when to suffer. Benefit. The lawsuit states that MassMutual and its brokerage branch did not properly supervise Mr. Gill, who was an employee until a few weeks ago.
Mr. Gill’s attorney, William Taylor, declined to comment on the lawsuit. A spokesperson for MassMutual said the company was reviewing the matter with Mr. Gill.
Mr Gill is one of a half-dozen witnesses scheduled to testify at the hearing, which will focus on the impact of short sales, social media and hedge funds on retail investors and market speculation.