Good news from the Labor Department in terms of jobless claims and the Consumer Price Index. Best Buy also issues a positive earnings report. Here is the news of the day for Nov. 20, 2014.
Jobless Claims Fall Again
The Labor Department Thursday said initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 291,000 for the week ended Nov. 15. The prior week’s data was revised to show 3,000 more applications than previously reported. The four-week moving average of claims increased 1,750 to 287,500, which is still at levels consistent with solid employment growth. Claims have now been below the 300,000 mark for 10 consecutive weeks.
Consumer Price Index Held Up
The Consumer Price Index gained 0.1 percent in October, and has increased 1.7 percent in the 12 months through October, according to the Labor Department. The CPI has advanced by the same margin for three consecutive months. Stripping out food and energy prices, the core CPI rose 0.2 percent last month. Declining energy prices, namely from petroleum, and dropping commodity prices are keeping inflation below the U.S. central bank’s target of 2.0 percent.
Arizona Sues General Motors
The State of Arizona has filed suit against General Motors because of the recent run of safety defects reported in GM vehicles. Arizona Attorney General Tom Horne said in the suit the automaker deliberately put the public at risk by intentionally concealing the defects to avoid the cost of recalls. According to the New York Times, Arizona is seeking $3 billion for defrauding state consumers. The recalls in the complaint include problems with ignition switches, airbags wiring and seat belts.
Yahoo, Firefox Team Up
Yahoo will now be the default search engine for Firefox in the United States, according to an agreement between Yahoo and Firefox owner Mozilla announced Wednesday. Previously, Firefox defaulted to Google. The deal covers mobile and desktop search engines, and will take effect when the newest version of Firefox launches in December. "At Yahoo, we believe deeply in search—it's an area of investment, opportunity and growth for us," said Yahoo CO Marissa Mayer in a statement. "This partnership helps to expand our reach in search and also gives us an opportunity to work closely with Mozilla to find ways to innovate more broadly in search, communications, and digital content."
Best Buy Produces
Best Buy reported quarterly earnings beyond analysts’ expectations Thursday, with third-quarter earnings at 32 cents a share, up from 18 cents per share in the same period one year ago. Revenue for the quarter came in at $9.38 billion, against the comparable year-ago figure of $9.36 billion. Third-quarter same store sales rose 2.2 percent. Analysts had expected a report of 25 cents per share from earnings on $9.11 billion in revenue.
President Speaks, Nobody Shows It
None of the three major networks will cover President Barack Obama’s planned speech on immigration reform tonight. Neither NBC, ABC nor CBS is going to air Obama’s speech, which is scheduled to take place at 8 p.m. E.T. The President is expected to lay out a proposed executive action on immigration. The speech will be broadcast on CNBC, Fox News and MSNBC. The speech is scheduled during sweeps week, when networks need to highlight their most popular programming. The White House had not requested time to be set aside for the speech until Wednesday.