Unemployment Claims Drop as Job Market Remains Strong
Fewer Americans filed for unemployment benefits last week as layoffs continue to fall amid a strong job market rebound. The Labor Department reported 214000 initial claims for the week ending March 12, with a four week average of 223000. The report follows February showing 678000 new jobs and a 3.8 percent unemployment rate. The Fed began raising rates, signaling up to six additional hikes this year to combat inflation.
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Backlash Hits Russian Businesses Across U S
Amid the Ukraine war, Russian owned bakeries and restaurants in the United States face threats and boycotts. Owners report calls and voicemails urging attacks and many customers question loyalty. Some Ukrainians also face hostility, while many others support peaceful ties and condemn the invasion.
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Intel outlines 150 million Ohio education push in 20 billion hub plan
Intel details 150 million in educational funding to grow the semiconductor workforce as part of its 20 billion investment in an Ohio production hub. The package includes 50 million for statewide STEM expansion, 50 million for college curricula and programs, and a 50 million NSF match funding over 10 years to boost STEM education and semiconductor research.
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Stocks climb as oil tops 100 amid inflation fears
U.S. stocks extend a three day rally with the S&P 500 up 1.2 percent and the Dow and Nasdaq rising, while oil prices jump above 100 dollars a barrel. Investors weigh Fed rate moves and global inflation amid Ukraine tensions and China COVID worries. The Hang Seng surged about seven percent amid global market swings.
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