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90 Second News Issue #11
Hey there everyone. Welcome to all of our new subscribers! We’re glad to be a part of .09% of your day. If you prefer to listen to an audio version of this newsletter, check out our new podcast on Apple or Google!
Yesterday, Jerome H. Powell, the Federal Reserve chair, said that the job market recovery was only about “halfway” to where it should be, and that government support (most likely in the form of a stimulus) would be necessary to return the economy to full strength. We think maybe it just needs to get back in the gym, but I guess we’re not as qualified.
This week’s unemployment claims fell by 7,000 to a seasonally adjusted (economists make seasonal adjustments to account for overall trends in the market- i.e loss of holiday jobs in January) 751,000 total. This represents a slight recovery from previous months, but indicates that the rate of recovery has heavily slowed.
Less than a full day after $UBER stock went to the moon following California’s Prop 22 vote, they reported earnings and had their stock tank. Unsurprisingly, total ride bookings were down 53% YoY, which while better than the 75% YoY decrease from the last quarter, is not good news. Luckily, Uber had their Uber Eats during the pandemic, as without it the situation would be dire. The CEO, Dara Khosrowshahi, still maintains optimism that Uber will have a positive EBITDA before the end of 2021.
The NFL announced that the Las Vegas Raiders would be fined $500k and stripped of a sixth round draft pick after it was found that they did not follow the correct procedures after learning of OT Trent Brown’s positive test in October. In addition, John Gruden, the head coach will also be fined $150k.
For the first time since January 9th, 2018, Bitcoin passed $15k. For the uninitiated, the last bitcoin bubble went up in flames quickly following the frenzied fall. It fell from it’s high around $19k to less than $6k in under two months. Will it pop soon? Hit $20k? Your guess is as good as ours.
1:27- One link we love
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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