U.S. weekly new jobless claims drop to 6-week low
Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 233,000 - the lowest since mid-May - for the week ended June 28, the Labor Department said on Thursday. Economists polled by Reuters had forecast 240,000 claims for the latest week.
The total ranks of those on jobless benefits rolls was unchanged in the week ended June 21 at 1.964 million, which is the highest level since the fall of 2021.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
6 minutes ago
- The Independent
Trump demands Lisa Cook, first black woman Fed Reserve member, ‘resign, now!!!' and accuses her of mortgage fraud
President Donald Trump is escalating his crusade against the Federal Reserve's independence by demanding the resignation of Lisa Cook, the first Black woman to serve on the central bank's board of governors, citing unsubstantiated allegations of mortgage fraud. Writing on Truth Social, Trump said Cook, a former Michigan State University professor who has served on the board since 2022, 'must resign, now!!!' and shared a Bloomberg News article about calls for the Department of Justice to investigate Cook's mortgage application history by Bill Pulte, the head of the Federal Housing Finance Administration and of Fannie Mae and Freddie Mac. Pulte, a 37-year-old board whose grandfather founded a large residential home construction form and who gained prominence on social media by giving away free money to people on Twitter, sent a letter last week to Attorney General Pam Bondi and DOJ official Ed Martin alleging that Cook 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.' He alleges that Cook improperly listed an Ann Arbor, Michigan property as a primary residence before also purchasing another property in Georgia. His letter to Bondi states that Cook 'appears to have acquired mortgages that do not meet certain lending requirements and could have received favorable loan terms under fraudulent circumstances' and suggested that she be investigated for violating four separate criminal statutes. Separately on social media, Pulte said the allegations, which have not resulted in any charges as of yet, give Trump 'cause to fire' the Democratic appointee. Since being sworn into office, Pulte has used his position to dig into mortgage applications from prominent Democrats and has made similar allegations against New York State Attorney General Letitia James and California Senator Adam Schiff. But he denied any improper political motivations during an interview on CNBC and claimed he had 'received a tip' about the matter instead of targeting Cook on his own. 'We refer people every day criminally for mortgage fraud, and no one is above the law. And in this case, it happens to be a fed governor. And I have an obligation to do something about it,' he said. 'You know, the Fed has written all about the economic harm of mortgage fraud, in particular occupancy fraud. And here she is allegedly committing mortgage fraud. So I think it's a big issue. I don't think it's going away. I think she will have to resign or I think she will be fired.' Although he has not publicized any similar allegations against any Republicans, he claimed that his agency would 'look at any allegation of mortgage fraud' and said party affiliation was irrelevant to him. 'We do not care whether you're a Republican or a Democrat. We do not care whether you're wealthy. We don't care whether you're a prosecutor. We don't care whether you're a Fed governor. If you commit mortgage fraud and you present an existential threat to the federal home loan banks ... we are going to prosecute it,' he said. Pulte's move to accuse Cook of mortgage fraud expands his — and the president's — effort to hound members of the Federal Reserve's board in retaliation for not acting to artificially juice the economy by lowering interest rates. Trump has made no secret of his distaste for Federal Reserve Chair Jerome Powell, whom he nominated to lead the Federal Reserve in 2017, primarily because of Powell's refusal to lower interest rates, particularly in light of Trump's decision to levy tariffs. Powell has said that the central bank needs time to see what effects tariffs will have on inflation and employment before making a determination on interest rates. This has prompted Trump to call Powell a 'stupid person' and refer to him by the nickname 'Too Late.' The Supreme Court recently signaled that Trump can't fire Fed board members simply because the president disagrees with him on interest rates. But legally he could do so 'for cause,' such as misconduct or dereliction of duty.
The Independent
6 minutes ago
- The Independent
Costco members sound off as Pepsi-to-Coke switch begins nationwide
Costco members are split over the recent move by the wholesaler to transition from selling Pepsi to exclusively Coca-Cola products. The switch, which elicited a mixed response from customers on Reddit, was finalized this week with a complete Coca-Cola takeover appearing in Costco food courts across the country. 'Companies do this all the time, Subway just switched to Pepsi from Coke,' one Reddit user noted earlier this month. 'I know I just noticed this the other day and was very sad I couldn't get my usual Pepsi with the hot dog,' another wrote on social media. The company used to serve Coca-Cola before it made the switch to Pepsi products in 2013 to maintain the price of its signature $1.50 hot dog combo, CNN reported. Elsewhere, consumers have been praising and bemoaning the change, which began being rolled out in early July across several Costcos. 'I went twice and didn't get a hot dog because Coke just isn't it. Nothing beats a Pespi max cherry,' another Reddit user wrote furiously. A frustrated shopper in Glasgow said, 'Same in Glasgow, believe Iron Bru [an iconic Scottish soda ] is also no longer an option, potentially dark days ahead [...]' All of Costco's food courts will be stocked solely with Coca-Cola products by the fall. In January, the wholesaler announced it would ditch Pepsi for the commander-in-chief's favourite soda brand after selling the competition's products for over a decade. When asked by a shareholder at the time about the upcoming changes to the corporation, Costco CEO Ron Vachris said, 'This summer we will be converting our food court fountain business back over to Coca-Cola.' Rumors of the change had been swirling ahead of the announcement at the time. Equally, Costco's CFO reassured customers last year not to worry about inflation compromising the price of the combo, confirming that the $1.50 price was 'safe,' reported CNN. "Coke vs. Pepsi has always been a cultural dividing line, like Yankees vs. Red Sox or Apple vs. PC," Manhattan-based psychotherapist Jonathan Alpert told FOX Business. 'People attach memories, family traditions, and even a sense of who they are to a brand. So when Costco suddenly took sides, it triggered a reaction far bigger than soda itself.'
Telegraph
7 minutes ago
- Telegraph
Zohran Mamdani hates billionaires. One just donated $250k to help get him elected
A billionaire hedge fund heiress has donated $250,000 (£186,000) to a political action group supporting Zohran Mamdani's mayoral campaign, weeks after the New York socialist said billionaires should not exist. Elizabeth Simons, the daughter of late hedge fund billionaire Jamie Simons, has made the largest single donation to New Yorkers for Lower Costs, a political action committee (PAC). Mamdani, a Democratic socialist, won over swathes of New Yorkers with a slick social media campaign and promises to freeze rent and open city-run supermarkets. The Super PAC supporting his campaign has raised more than $1.8m (£1.3m) from nearly 300 donations. Ms Simons, who according to the public records lives in Palo Alto, California, is chairwoman of the board of directors of the Heising-Simons Foundation, which she co-founded with her husband, Mark Heising. Her donation to the committee, which is described as the 'official Zohran Mamdani support PAC' on its website, comes after Mr Mamdani disparaged billionaires in the wake of his Democratic primary win. Asked in June whether billionaires should exist, Mr Mamdani told NBC News: 'I don't think that we should have billionaires because, frankly, it is so much money in a moment of such inequality, and ultimately, what we need more of is equality across our city and across our state and across our country.' He added: 'I look forward to working with everyone, including billionaires, to make a city that is fair for all of them'. It comes as Mr Cuomo reportedly told donors at a fundraiser in the Hamptons he expects Donald Trump will wade into the mayoral race in an effort to prevent Mr Mamdani from winning. After losing the Democratic primary, Mr Cuomo re-entered the race as an independent candidate. Polls show him trailing Mr Mamdani, but he is the 33-year-old's closest challenger in a crowded field which includes Eric Adams, the incumbent New York mayor, and Curtis Sliwa, the Republican candidate. 'We can minimise [the Sliwa] vote, because he'll never be a serious candidate,' Mr Cuomo told the fundraiser on Saturday, according to audio obtained by Politico. 'And Trump himself, as well as top Republicans, will say the goal is to stop Mamdani. And you'll be wasting your vote on Sliwa. So I feel good about that.' 'Let's put it this way: I knew the president very well,' Mr Cuomo reportedly said, adding: 'I believe there's a big piece of him that actually wants redemption in New York. He feels that he was rejected by New York. 'We voted for Hillary Clinton. Bill de Blasio took his name off things. So I believe there will be opportunities to actually cooperate with him. I also believe that he's not going to want to fight with me in New York if he can avoid it.' Mr Trump has asked pollsters which candidate had the best chance of defeating Mr Mamdani, according to reports. A pro-Cuomo super PAC called Fix the City has raised more than $25m (£18.6m) from a similar number of donors. The top contribution was $5m (£3.7m) from former mayor Michael Bloomberg, which was donated ahead of Mr Cuomo's failed primary bid. Bill Ackman, the Trump-supporting billionaire hedge fund manager has given $500,000 (£371,000) in two donations, including $250,000 (£186,000) after the Democratic primary. Rich Azzopardi, Mr Cuomo's spokesperson, said his remarks at the fundraiser amounted to speculation. 'We're not asking for or expecting help from anyone,' he said. 'Governor Cuomo is the only chance to beat Mamdani and ensure the greatest city in the world stays the greatest city in the world.'
