labor
U.S. unemployment claims filings rose slightly last week
Jobs fell last week as the labor market continues to show strength despite nearly a year of attempts by the Federal Reserve to slow the economy by raising key lending rates. Slightly more Americans applied for benefits. Jobless claims for the week ending Dec. 17 rose by 2,000 to 216,000 from 214,000 the week before, the Labor Department reported Thursday. Unemployment claims are generally considered to represent layoffs. The four-week moving average of claims, which smoothes out some of the weekly variation, was down 6,250 to 221,750. About 1.67 million people received unemployment assistance in the week ending December 10, about 6,000 less than the previous week. ― Related Press
automotive industry
Tesla offers a $7,500 discount in a rare move to increase deliveries by the end of the year
In addition to signs the automaker is struggling with demand, Tesla is offering US consumers $7,500 to receive its two highest-production models by the end of the year. The discount on the Model Y sport utility vehicle is double the discount the company was offering earlier this month. This reflects expected changes to the tax credits certain consumers will receive early next year. The Tesla car was expected to get him a $3,750 tax credit starting in January as part of changes the Suppression of Inflation Act made to federal incentives for electric vehicles. That changed this week when the U.S. Treasury Department announced it was deferring guidance on new battery content requirements. Postponing those restrictions could make certain EV models eligible for his $7,500 full credit early next year. It’s highly unusual for Tesla to offer such perks, and the company’s boss, Elon Musk, has implemented a no-discount policy for years. —Bloomberg News
pharmaceutical industry
Gilead’s long-acting HIV treatment receives FDA approval
Gilead Sciences has won US regulatory approval for a new HIV treatment for people whose disease has become resistant to other drugs. The U.S. Food and Drug Administration has approved Sanlenka, whose active ingredient is lenacapavir, for use with other antiretroviral drugs, the agency said Thursday. These drugs reduce the amount of HIV in your body, protect you from getting sick, and prevent you from infecting others. Antiretroviral drugs block viral replication, and different products target different stages of the process. But viruses mutate and become resistant. Jared Baeten, vice president of clinical development at Gilead, said Sunlenca is an effective treatment for people who have shown resistance to existing treatments because it blocks a stage of viral replication that other HIV drugs don’t target. Said it would be law. According to the company, about 13,000 people in the United States cannot control HIV with current drugs. Sunlenca is administered as a pill at the beginning of treatment, with two injections per year. Gilead expects Sunlenca’s list price to be $42,250 in his first year and $39,000 annually thereafter. —Bloomberg News
technology
Tech stocks head for worst December since 2002
Optimism about potential easing from Fed rate hikes fades on signs of strength in labor market, tech stocks hit 12 worst since dot-com bubble burst 20 years ago Heading to the moon. In addition to weak results from chip maker Micron Technologies, the session proved tough for stock bulls again beset by potential recession risks. The tech benchmark, which includes companies such as Apple and Microsoft, fell by almost 10% this month, buoyed by hopes that sluggish inflation could further slow Fed rate hikes and a possible next moratorium11. erased the rise of the moon. Year. This year, it has decreased to about one-third. Integrity Asset Management portfolio manager Joe Gilbert said economic data were “higher than markets had expected, so we have to deal with the idea that the Fed will continue to raise rates aggressively.” “This, combined with cyclical corporate earnings reports suggesting that the outlook has weakened significantly, makes policy mistakes by the Fed more likely on a daily basis. The worst performer in this month’s Nasdaq 100 was Tesla, driven by weak demand for its electric vehicles and CEO Elon Musk’s focus on Twitter. Tesla shares drop more than 30% on concerns about what’s happening – BLOOMBERG NEWS
Economics
Q3 GDP revised up on improved spending numbers
US economic growth in the third quarter was stronger than previously forecast, reflecting upward revisions to consumer spending and business investment. Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the economy, increased at an annualized rate of 3.2% over the period, Commerce Department data showed Thursday. Compared to a reported 2.9% advance. Private consumption has been revised significantly higher, rising 2.3% in the latest report compared to his 1.7% in previous estimates, reflecting an increase in spending on services. The figures highlight that consumer and business demand remains strong despite rising interest rates and rapid inflation. A strong labor market and wage growth have supported household spending, but it is unclear whether the American will be able to sustain that spending momentum into his 2023. Meanwhile, the price index for personal consumption expenditures, excluding food and energy, the main inflation indicator, increased by 4.7 p.a. The third quarter percentage was up slightly from previous estimates. Monthly data for November will be released on Friday. —Bloomberg News
Social media
ByteDance employee accidentally accessed TikTok user data
According to an internal memo, TikTok’s parent company ByteDance Ltd. discovered that some employees improperly accessed the data of some US users. In a memo to employees, TikTok CEO Shou Chew said, “Persons abused their powers to gain access to TikTok user data.” The Forbes article reported that finding the cause of employee leaks to the press allowed some staff members to view personal data, including IP addresses, from journalist accounts. A second investigation by ByteDance has come after it claims it plans to use the TikTok app to track the physical location of some U.S. users. A second investigation found inappropriate access to users’ personal data, The Times said, adding that one member of the team resigned and three more were fired. I would like to add that this misconduct is not representative of our company’s principles that I know of,” Chu said in a note. —Bloomberg News
