Unemployment Claims Rise
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 What's Happening Today Good Morning, it's Kristin with your daily morning digest.
The number of workers filing for unemployment (referred to as initial jobless claims) in the U.S. rose higher than expected last week, according to a report by the Labor Department (DOL). Worryingly, jobless claims were also higher than they were the previous week, though they remain lower than average weekly claims in February 2020.
That report comes just days after the government shared that a record number of workers quit their jobs in November, while job openings still remained close to their highs. Tomorrow, we'll also get the DOL's December jobs report, which could offer a clearer picture of the current state of the job market in America.
In the markets, the tech-heavy Nasdaq is under pressure again after its biggest daily loss since February yesterday, following the release of minutes from the Federal Reserve's last meeting in December. The minutes suggested the Fed would raise interest rates faster than investors were expecting. Raising interest rates is one of the tools the Federal Reserve uses to tackle inflation, or the rise in prices of goods. But higher interest rates would negatively impact tech stocks (which usually have high rates of growth), because it reduces their future earnings.
- Kristin
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