U.S. Weekly Jobless Claims Unexpectedly Climb To Three-Month High
After reporting a significant increase in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing initial jobless claims unexpectedly saw further upside in the week ended December 12th.
The report said initial jobless claims rose to 885,000, an increase of 23,000 from the previous week’s revised level of 862,000.
The continued increase surprised economist, who had expected jobless claims to drop to 800,000 from the 853,000 originally reported for the previous week.
With the unexpected increase, jobless claims climbed to their highest level since hitting 893,000 in the week ended September 5th.
“While hope is on the horizon as the coronavirus vaccine comes online, the labor market, for now, remains under a severe strain as Covid cases surge and restrictions on activity are put in place,” said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.
The Labor Department said the less volatile four-week moving average also rose to 812,500, an increase of 34,250 from the previous week’s revised average of 778,250.
Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, fell by 273,000 to 5.508 million in the week ended December 5th.
The four-week moving average of continuing claims also slid to 5,726,250, a decrease of 215,500 from the previous week’s revised average of 5,941,750.
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PayPal CEO: Our move into cryptocurrencies is to bolster utility
New York (CNN Business)As bitcoin surges to all-time highs, the most prominent cryptocurrency exchange has signaled its intent to go public.
Cryptocurrency brokerage Coinbase said Thursday that it has filed a draft registration statement with the Securities and Exchange Commission, paving the way for plans for an eventual initial public offering.
The announcement comes as interest in bitcoin and other cryptocurrencies has soared during the coronavirus pandemic. Investors have found such currencies attractive as the US dollar weakens.
Bitcoin has been smashing its own price records and recently surpassed the symbolic $20,000-a-coin milestone. It has since continued to climb higher, and was last trading just shy of $23,000, according to data provider Refinitiv.
Coinbase was launched in 2012, according to its website, and “more than 35 million people in over 100 countries trust Coinbase to buy, sell, store, use and earn cryptocurrency.” The company indicates it has more than $25 billion in assets on the platform and more than $320 billion in total volume traded.
Coinbase declined to provide additional comment.
Homfa Cabinets Recalled Due To Tip-Over, Entrapment Risks
Homfa Cabinets, manufactured by China’s Shenzhen Luosi Ge Trading Co., has been recalled citing tip-over and entrapment risks for children, according to the U.S. Consumer Product Safety Commission.
The recall involves about 6,375 units of Homfa HPB-087 and HPB-106 Cabinets. The HPB-087 was sold in walnut brown and the HPB-106 was sold in wood grain. The cabinets measure about 29.75 inches tall, 31.5 inches wide, and 15.4 inches deep and weigh about 59 pounds.
The affected products were sold online at www.amazon.com from July 2019 through September 2020 from between $90 to $130.
According to the agency, the recalled cabinets are unstable if not anchored to the wall, posing tip-over and entrapment hazards that can result in death or serious injuries to children.
The cabinets do not comply with the performance requirements of the U.S. voluntary industry standard.
However, no incidents are reported to date related to the recalled products.
Consumers will get Homfa’s pre-paid shipping labels. They can remove the cabinet’s drawer slides and return them to the firm for a full refund. The rest of the dresser should be discarded.
In similar recalls, Transform SR Holding Management LLC in August called back about 19,900 units of 4-drawer chests, sold exclusively at Kmart stores, citing the same reasons.
Swiss current account surplus narrows in Q3
ZURICH, Dec 18 (Reuters) – Switzerland’s third-quarter current account surplus shrank to 9 billion Swiss francs ($10.17 billion), 3 billion less than a year earlier, the Swiss National Bank said on Friday.
The figure marked a downturn from the 9.88 billion surplus posted in the second quarter.
“This decline was particularly due to the lower receipts surplus in trade in goods and services. In the case of the goods trade, the decline was attributable to gold trading,” the SNB said in a statement.
Sony Removes CD Projekt’s Cyberpunk 2077 From PlayStation Store
Sony Interactive Entertainment or SIE, part of Japanese consumer electronics maker Sony Corp., is removing popular gaining title Cyberpunk 2077, developed by CD Projekt Red, from PlayStation Store until further notice.
The company said it strives to ensure a high level of customer satisfaction, and will begin to offer a full refund for all gamers who have purchased Cyberpunk 2077 via PlayStation Store.
Sony’s decision follows complaints from several Cyberpunk 2077 players about the game’s inconsistent and buggy performance, particularly on the PS4 console.
The company said, “Once we have confirmed that you purchased Cyberpunk 2077 via PlayStation Store, we will begin processing your refund. Please note that completion of the refund may vary based on your payment method and financial institution.”
Cyberpunk 2077 developer CD Projekt Red said earlier that people unsatisfied with their purchase on the PS4 or Xbox One should request a refund.
Meanwhile, CD Projekt noted that all copies of the game previously purchased digitally on PlayStation Store remain available for use by their respective buyers. Gamers can still buy physical versions of the game in retail and mail order stores. All copies, whether digital or physical, will continue to receive support and updates from the Company.