Boeing supplier Spirit AeroSystems announced Friday it will lay off more than 20% of its workforce in Wichita, Kansas, just one day after documents were revealed confirming that Boeing employees had raised concerns about the 737 MAX's safety, AP reports.
Why it matters: The roughly 2,800 layoffs are a sign that Boeing's difficulties are beginning to ripple out, AP writes. Spirit AeroSystems, Wichita's largest employer, cites the "ongoing uncertainty" surrounding Boeing's 737 MAX jet as the primary reason for the layoffs, the Washington Post notes.
Why it matters: The data reflects a hiring boom in industries that are female-dominated, while sectors that are more likely to employ men are lagging in job gains. The last time women overtook men in payrolls was “during a stretch between June 2009 and April 2010,” according to the Wall Street Journal, which first reported the milestone.
The global box office hit an all-time high of more than $42 billion, according to numbers released Friday by Comscore.
Why it matters: That success can be attributed to monster growth in movie-going overseas. The international box office was up 4% in revenue last year, while the North America box office was down 4% from its record high of $11.88 billion in 2018.
Upstart mattress maker Casper filed Friday for an initial public offering.
Why it matters: This will be the next public market test of a consumer products company that venture capitalists have arguably valued like a tech company.
The U.S. economy added 145,000 jobs in December, the government said on Friday, below economists’ expectations of 160,000. The unemployment rate held at 3.5% — a 50-year low — while wages grew 2.9% from a year earlier, the smallest gain since July 2018.
Why it matters: The U.S. job market held up in the final month of 2019, but heads into the election year with a slowing pace of job creation and wage growth.
Facing unprecedented wildfires that have claimed at least 27 lives, destroyed more than 2,000 homes, and scorched much of the country's southeast, Australia's stock market has somehow been one of the world's top performers, and touched a record high today.
By the numbers: The benchmark S&P/ASX 200 index rallied nearly 1% to close at 6929, surpassing the previous intraday record high.
The U.S. stock market rose broadly on Thursday, but a number of retail stocks went south after companies revealed distressing news about their holiday sales.
What happened: J.C. Penney and Kohl’s reported lower sales during the critical months of November and December, and Macy's announced poor holiday sales and the closure of several stores.
The New York Fed added $83.1 billion in temporary liquidity to financial markets Thursday, and the U.S. central bank looks primed to keep pumping cash for at least the next few months.
Why it matters: The stock market's 30% gain in 2019 was in no small part backed by the Fed's decision to cut U.S. interest rates three times and inject more than $1 trillion of temporary financing into the repo market. It also added more than $400 billion to its balance sheet in the fourth quarter.
President Trump has shrunk America's global presence in many ways, but he has also at times placed high-risk bets on its superpower status.
Driving the news: Trump didn't want war with Iran, yet he ordered the killing of Iran's top commander. That requires enormous faith in the shield of American military superiority.
