US jobless claims rise for second straight week - August 11, 2022

Executive Leadership Briefing

U.S. jobless claims rose for a second straight week, nearing the highest amount since November. Claims climbed by 14,000 to 262,000 and have now risen for five of the last six weeks. Despite the increase, the U.S. employment market remains relatively strong. The global number of unemployed youths is expected to fall to 73 million in 2022, down by 2 million from last year, according to a UN International Labor Organization report.

Average gas prices reached their lowest levels for the first time in four months, according to AAA. The drop marks a dip of more that $1 since prices peaked at $5.02 in June. Falling gas prices have boosted consumer confidence in recent weeks as consumer spending and travel rebound. U.S. oil production reached a post-pandemic high last week, aiding in easing gas prices.

Disney saw its quarterly profit jump 50%, driven by record results at its theme parks and an unexpected surge in Disney+ subscribers. Disney lowered its forecast for future streaming growth due in part to losing the rights to air cricket competitions in India, though international viewers are expected to lead subscription growth. The company also raised its streaming service prices after posting an operating loss for the service. The report highlights Disney’s moves in the streaming market as other giants like Netflix lost subscribers due to their own price hikes.

Former President Donald Trump pleaded the fifth during an interview with New York state’s attorney general regarding a civil investigation into his family’s business practices. Although Trump’s silence was most likely the safest legal route, the decision could bolster the attorney general’s case in the weeks to come. The appearance was part of several investigations Trump and his family are entangled in, including the Jan. 6 committee and Mar-a-Lago. Following Monday’s FBI search of Mar-a-Lago, a group of House GOP lawmakers demanded scrutiny over the National Archive’s role in the investigation at Trump’s Florida home.

Volatile swings in the mortgage rates market drove a 4% surge in refinancing last week, though applications from homebuyers declined. Experts predict a slowing in the U.S. housing market, marking a reversal of the post-pandemic trend that saw home prices surge as buyers moved out of cities. Rental costs passed a median of $2,000 a month for the first time ever, surging nationwide at the fastest pace in more than thirty years. Rising rent rates are squeezing Gen Z and millennial consumers the most, according to Bank of America.

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