Claims rise: Slightly more Americans filed for unemployment benefits last week as the labor market continues to show strength even as the Federal Reserve has tried for nearly a year to slow the economy by raising its main lending rate. Applications for jobless claims for the week ending Dec. 17 inched up by 2,000 to 216,000 from the previous week’s 214,000, the Labor Department reported today. Jobless claims are generally viewed as a representation of layoffs. Read more.
Unexpected strength: Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2% annual pace from July through September, the government reported this morning in a healthy upgrade from its earlier estimate of third-quarter growth. The rise in gross domestic product marked a return to growth after consecutive drops in the January-March and April-June periods. Read the full story.
Going to YouTube: The National Football League today announced its Sunday Ticket subscription package would go to Google’s YouTube TV starting next season, marking the league’s second media rights deal with a streaming service. YouTube TV will pay roughly $2 billion a year for rights to the Sunday Ticket package, according to people familiar with the matter. CNBC has the full story.
Editor’s note: The offices of Business Report will be closed on Friday, Dec. 23, and Monday, Dec. 26, in observance of the Christmas holiday and Daily Report will not be published. Daily Report will return on Tuesday, Dec. 27. Have a safe and happy holiday.
