After the Bell: October jobs report; Twitter’s ad revenue; Powerball drawing
INDIANAPOLIS (WISH) — Around 261,000 jobs were added in October. That is more than economists estimated. It just shows how strong the labor market remains during a time of high inflation and record corporate profit.
The unemployment rate went up from 3.5 to 3.7%. More people lost jobs and the size of the labor market shrank a bit. But this “good news” is once again bad news: the federal reserve thinks the labor market is out of balance. Still too strong. Too many job openings and not enough people to fill them. That means the fed keeps raising rates and the word “recession” remains in play.
Twitter’s advertisers pausing ads
Elon Musk says Twitter has suffered a massive drop in revenue, because advertisers are pausing their ads. He blames activist groups who he says have pressured advertisers. Also, five employees are now suing Twitter saying it violated state and federal laws by not giving enough notice about today’s mass layoffs.
Powerball lottery prize highest in U.S history
They say you got to be in it to win it. Tomorrow night’s Powerball drawing is now $1.6 billion. That’s the largest lottery prize in U.S. history. the upfront cash option is a whopping $782 million – pretax. Take away almost $300 million in taxes, and you’re still left with ridiculous money. Chances of winning: 1 in 292 million.
Americans are returning to the skies and filling hotels, and are willing to spend to make it happen
While retailers are wondering how to clear out inventory, many consumers say they would rather have experiences. Airlines are doing well, hotels are thriving, there’s double digit attendance growth at arenas and stadiums.