The daily business briefing: January 5, 2024
Jobs report expected to show hiring slowed but remained strong, January losses threaten stocks' winning streak, and more
1. Jobs report expected to show hiring still strong
The Labor Department is expected to report Friday that U.S. employers added 160,000 jobs in December, according to forecasters surveyed by FactSet. That figure would mark a drop from 199,000 in November but would still be enough to indicate strong hiring. If the jobs report comes in close to expectations, the economy will have added 2.7 million jobs in 2023, or about 226,000 per month. The job market's resilience has matched the overall strength of the economy through the Federal Reserve's aggressive campaign to raise interest rates to bring down inflation. Some economists have warned higher borrowing costs could trigger a recession. The Associated Press
2. Wall Street poised to end 9-week winning streak
Stocks continued to struggle in the new year, with futures edging lower early Friday ahead of the December jobs report. Futures tied to the Dow Jones Industrial Average were down 0.2% at 7 a.m. ET. S&P 500 and the Nasdaq futures were down 0.3%. The Dow was little changed on Thursday, while the S&P 500 and the tech-heavy Nasdaq fell 0.3% and 0.6%, respectively. The three major averages are on track to snap nine-week winning streaks in a rough start to 2024 trading after 2023's gains. The Nasdaq has fallen 3.3% this week. The Dow and the S&P 500 are down 0.7% and 1.7%, respectively. CNBC
3. Foreign entities paid Trump properties millions during his presidency
Governments and state-linked entities from China, Saudi Arabia and other countries paid at least $7.8 million to Donald Trump's hotels in Washington and Las Vegas and his properties in New York while he was president, according to public documents and internal financial records obtained by Democrats on the House Oversight Committee, The Wall Street Journal reported Thursday. China's government and other entities were the biggest spenders, paying Trump businesses more than $5.5 million, according to a report published Thursday by the committee's Democratic minority. The report came out as House Republicans are conducting an impeachment inquiry focused on unproven allegations that President Biden benefited from his son Hunter's overseas business dealings. The Wall Street Journal
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
4. Google starts test of plan to eliminate tracking with cookies
Google on Thursday started a limited test restricting the use of cookies to track the online activity of 1% of the people using its Chrome browser. The internet search giant plans to eliminate the use of cookies for all Chrome users by the end of 2024. Google's Chrome is by far the world's most popular browser, so the change would have a huge impact on the $600 billion-a-year online-ad industry. Cookies let companies track activity across websites, allowing advertisers to target users with ads that might interest them. According to The Wall Street Journal, many advertisers aren't ready for the change, even though Google has introduced "software tools designed to help replace cookies." The Wall Street Journal
5. TGI Fridays closes 36 restaurants
TGI Fridays this week closed 36 restaurants across the United States and sold eight stores in the Northeast back to former CEO Ray Blanchette, who plans to "lead the locations into a new phase of revitalization," the company said. TGI Fridays, which now has 237 U.S. locations, plans to offer more than 1,000 transfer opportunities, covering 80% of the affected employees. The company also recently restructured its leadership team. "As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays," TGI Fridays CEO Weldon Spangler said in a statement. NPR
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Mary Poppins tour: 'humdinger' of a show kicks off at Bristol Hippodrome
The Week Recommends Stefanie Jones and Jack Chambers are 'true triple threats' as Mary and Bert in 'timeless' production
By Irenie Forshaw, The Week UK Published
-
Jaguar's stalled rebrand
In the spotlight Critics and car lovers are baffled by the luxury car company's 'complete reset'
By Abby Wilson Published
-
What the chancellor's pension megafund plans mean for your money
Rachel Reeves wants pension schemes to merge and back UK infrastructure – but is it putting your money at risk?
By Marc Shoffman, The Week UK Published
-
Jaguar's stalled rebrand
In the spotlight Critics and car lovers are baffled by the luxury car company's 'complete reset'
By Abby Wilson Published
-
Giant TVs are becoming the next big retail commodity
Under the Radar Some manufacturers are introducing TVs over 8 feet long
By Justin Klawans, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
TD Bank accepts $3B fine over money laundering
Speed Read The US retail bank pleaded guilty to multiple criminal charges
By Peter Weber, The Week US Published
-
The pros and cons of globalization
Pros and Cons Globalization can promote economic prosperity but also be exploitative
By Justin Klawans, The Week US Published
-
The pros and cons of labor unions
Pros and Cons Joining a labor union can have positives — and negatives
By Justin Klawans, The Week US Published
-
The rise and fall of Tupperware
Under The Radar The byword for food storage has filed for bankruptcy – was it a victim of its own success?
By Chas Newkey-Burden, The Week UK Published