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U.S. Weekly Jobless Claims Inch Lower, but Remain Stubbornly High | Investing News

(Reuters) – The number of Americans filing new claims for jobless benefits inched down last week, signaling the U.S. labor market is making little fresh headway in getting millions of people back on the job after being out of work due to COVID-19 disruptions.

Initial claims for state unemployment benefits totaled a seasonally adjusted 840,000 for the week ended Oct. 3, compared with an upwardly revised 849,000 in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 820,000 applications in the latest week.

While last week’s level of new claims was the lowest since March, they have stalled at historically high levels after dropping below 1 million in August as the government changed the way it strips seasonal fluctuations from the data. They are above their 665,000 peak during the 2007-09 Great Recession, though filings have dropped from a record 6.867 million at the

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US weekly jobless claims fall to 840,000, above economist forecasts

  • New US jobless claims for the week that ended Saturday totaled 840,000, the Labor Department said Thursday. The reading landed above the consensus economist estimate of 820,000 but marked a slight decline from the previous week’s revised figure.
  • Continuing claims, which track Americans receiving unemployment benefits, fell to 11 million for the week that ended September 26. That was also lower than economist expectations.
  • Visit Business Insider’s homepage for more stories.

The number of Americans filing for unemployment benefits edged lower last week in a modestly encouraging sign for the labor market’s prolonged recovery.

New US weekly jobless claims totaled an unadjusted 840,000 for the week that ended Saturday, the Labor Department announced Thursday. That reading came in above the median economist estimate of 820,000 compiled by Bloomberg but reflected a slight decrease from the previous week’s revised figure.

Continuing claims, which track the aggregate total of Americans receiving unemployment

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US layoffs still high, but so is skepticism on jobless data

WASHINGTON (AP) — The number of Americans seeking unemployment benefits dipped last week to a still-high 840,000, evidence that layoffs remain elevated seven months into the pandemic recession.

Yet economists say they are increasingly dubious about the unemployment claims figures, even though there is little doubt that hiring has slowed and employers have continued to lay off workers.

One reason layoffs remain high is that companies often hold on to workers when a recession begins, if they can, in hopes of outlasting the downturn. Yet if the recession drags on, many will eventually give up and cut jobs.


“Some of these new layoffs are coming from firms that didn’t want or didn’t have to lay people off at first,” said Constance Hunter, chief economist at KPMG. Now, “they have no choice but to start reducing their workforce.”

Consider Luke McCann. He had hoped through September that business would finally pick

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OPEC Doesn’t See Peak Oil Demand — Yet

The coronavirus crisis has sparked talk that the world might have reached peak oil demand but the OPEC cartel sees crude consumption continuing to grow during the next quarter century, driven in large part by greater use of cars in developing countries.

In its latest forecasts, released Thursday, OPEC sees surprisingly little long-term impact despite the coronavirus pandemic plunging the global economy and oil demand into a tailspin.

While the pace of economic recovery will dictate how fast oil consumption rebounds, even OPEC’s scenario of a slow healing sees an eventual return to increased demand.

“At the global level, oil demand is expected to increase by almost 10 mbd (million barrels per day) over the long-term, rising from 99.7 mbd in 2019 to… 109.1 mbd in 2045,” the cartel said in its latest World Oil Outlook.

This baseline scenario represents 9.4 percent growth from pre-coronavirus consumption levels.

Under its slow

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Buy Alphabet if This Happens

Dow futures gain on President Donald Trump’s new stance on stimulus. Stocks finished sharply higher Wednesday after Trump said he would consider alternative aid measures such as a new round of stimulus checks, support for airlines, and the Paycheck Protection Program.



a close up of a sign: Morning Bell With Jim Cramer: Buy Alphabet if This Happens


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Morning Bell With Jim Cramer: Buy Alphabet if This Happens

In the last episode of Mad Money, Jim Cramer said that when the president tweets something that tanks the stock market, it’s a mistake to sell, because President Trump hates lower stock prices and almost always reverses himself.

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TheStreet’s Katherine Ross and Cramer are on Street Lightning talking about buying Alphabet stock, alternatives to the stimulus package, and Trump’s tweets.

Alphabet Stock: Buy or Sell?

A House panel proposed to limit the power and influence of the tech giants including Amazon , Facebook , Apple , and Alphabet Inc. , the parent company of Google.

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Harvard Spins Out Natural-Resources Team, Ending Long Chapter at Endowment

Harvard University’s endowment has spun out its natural-resources team into an independent investment firm that will take over some of the endowment’s portfolio of orchards, farms and plantations.

Harvard Management Co. and insurer American International Group Inc., or

AIG,


AIG -1.02%

are expected to contribute some $200 million each as anchor investors to the new Boston firm, Solum Partners, people familiar with the matter said. They will also invest in a portfolio of assets the firm is buying from Harvard that includes fruit orchards, soybean plantations and stakes in companies that distribute avocados and make olive oil.

The spinout shrinks the $41.9 billion endowment’s controversial natural-resources portfolio and marks the exit of the last group inside Harvard tasked with running an entire asset class directly without outside fund managers. Solum is led by Colin Butterfield, a 47-year-old Brazil native who before Harvard managed Brazilian farmland for an investment venture

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CleanSpark Is A Failed Business Roll-Up In A Vicious Court Battle With Its Largest Shareholder – $3 Price Target (NASDAQ:CLSK)

CleanSpark, Inc. (CLSK) claims to provide software as a service, physical controllers, and consultation services to renewable energy infrastructure. This allows the company to have a diverse range of tools and abilities to help a client create a suitable microgrid platform. However, the reality is CLSK’s microgrid business has not gained any traction, and we doubt it ever will.

CLSK was a former OTC traded stock and got uplisted to the Nasdaq on 1/24/20. CLSK has been trading between $2-$3 from early March until early July, which is a fraction of its current price, which closed at $10.40 on 10/7/20. We believe the reason for the rapid rise in share price is due to news flow with buzz words that attract retail investors, primarily regarding microgrids and electric vehicle batteries and charging stations, sectors that have become hot this quarter.

However, its business hasn’t generated significant revenues and its losses

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Pandemic Sidelined, UN Holds World Tourism Meeting In The Republic Of Georgia

Not today, coronavirus, says the Republic of Georgia.

Located on the Black Sea and nestled between the Caucasus Mountains, Georgia was the recent host of the United Nation’s first in-person, Covid-compliant World Tourism Organization (UNWTO) conference on September 15 through 17. As the United Nations closed its first ever virtual General Assembly two weeks ago, the selection of Georgia for an in-person event is interesting for two reasons. Let’s get the first one out of the way.

First, this was the UN’s first large scale meeting abroad. Georgia has done a good job of managing its public health matters so far, taking swift action and providing clear guidance and testing. Like many countries, however, this small country of 3.7 million is experiencing a small uptick in the number of cases. But Georgia seems to have the situation under control. The overall numbers for Georgia were around

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Bahrain’s economy shrank by 8.9% in second-quarter amid coronavirus restrictions

FILE PHOTO: A Bahraini woman walks through a local souq as she looks for clothes for her children in Manama, Bahrain, August 19, 2018. REUTERS/Hamad I Mohammed/File Photo

DUBAI (Reuters) – Bahrain’s economy contracted by 8.9% year on year in the second quarter, government data showed on Sunday, as the small Gulf state suffered from restriction measures to contain the new coronavirus.

Hotel and restaurant activity declined by 61.3% compared to the same period a year earlier.

“This is mainly due to the widespread restrictions imposed on tourists, hotel and restaurants and other related economic activities in the country due to the pandemic COVID-19 virus,” the government said in a statement.

The oil sector increased by 3.2% at constant prices, while the non-oil economy declined by 11.5%.

S&P Global Ratings said this month Bahrain’s real GDP could contract by 5% this year, due to the pandemic and the impact of

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Climate Change Investing May Not Be Your Thing, But A 78% YTD Return Is

There is an absolutely gigantic wall of money moving into environmental stocks and it is only going to get bigger.

The European Commission, European Central Bank (ECB), and China have all announced major policy initiatives in the past fortnight underlining their commitment to reducing carbon emissions.

This will require trillions of dollars of investment in new greener technologies if countries are to meet their targets and much of that money will flow into private companies. Investors have been piling into environmental equities looking to profit from this trend, driving share prices higher.

The strategy has been a standout performer through the Covid-19 pandemic. A basket of 56 global stocks which Saxo Bank highlighted in

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