Jobless Claims Unexpectedly Fall As U.S. Trade Deficit Hits 14-year High
Here’s a quick look at the big business stories making dominating the headlines on this Thursday.
Jobless Claims Unexpectedly Fall
First-time jobless claims unexpectedly fell last week according to the Labor Department. Initial claims for state unemployment benefits totaled a seasonally adjusted 787,000 for the week that ended January 2. That’s down from 790,000 from the week prior. Continuing claims for the week ended Dec. 26 came in at 5.1 million. That was lower than expected.
U.S. Trade Deficit Hits 14-year High
The U.S. trade deficit surged to its highest level since 2006 according to the Commerce Department. The trade gap widened 8% in November — that’s up more than $68 billion. The report also showed an almost 3% increase on imports of goods and services — more than $252 billion. The deficit stands at just shy of $605 billion. That’s almost 14% higher than the previous year.
Global Food Prices Hit Six-Year High
Global food prices ticking up a six year high according to the United Nations Food & Agriculture Organization. Prices also jumped 18% since May. The increase comes alongside government safeguards limiting supplies because of the pandemic while demand has remained high. The increases are still well below peaks in 2011 and in 2008.
Burger King Rebrands
Burger King is rebranding for the first time in 20 years. The move includes a redesigned logo alongside new packaging in order to reflect changes in their business such as eliminating preservatives in their meals. Earlier this year, the fast food giant removed artificial colors and preservatives from its signature Whopper burgers.
Facebook Bans Trump For Remainder of Presidency
Facebook has banned President Donald Trump for at least two weeks. In a statement CEO Mark Zuckerberg said in part:
“We believe the risks of allowing the President to continue to use our service during this period are simply too great. Therefore, we are extending the block we have placed on his Facebook and Instagram accounts indefinitely and for at least the next two weeks until the peaceful transition of power is complete.”
Facebook’s move comes alongside Twitter and Snap who also have introduced their own suspensions.
American Airlines Bans Alcohol on DC Flights
American Airlines responded to the political turmoil in Washington banning alcohol sales on flights to and from the nation’s capital. This comes following their union reporting in statement several incidents where flight attendants had to “confront passengers exhibiting politically motivated aggression towards other passengers and crew.”