Dropping

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What's Happening Today

Good morning! It's Kristin with your daily morning digest.

This morning, the Labor Department reported that the number of Americans filing for unemployment for the first time fell more than expected last week. There are also concerns that tomorrow's big jobs report could be impacted by the spread of the omicron variant. But with the drop in the number of people filing for unemployment, it's unclear what we will see tomorrow, especially after private payrolls fell last month, as we reported yesterday.

And for investors in Facebook parent Meta, some bad news: shares of the company are down over 23% this morning, wiping out close to $200 billion in market value in what could reportedly be the biggest single-day plunge for a U.S. company in stock-market history. The fall comes after Meta reported earnings that missed estimates and indicated its challenges—which included Apple's iOS privacy changes—aren't going away soon. Shares of other social media companies, including Twitter and Snap, are plunging as well.

The Environmental Protection Agency (EPA) also challenged the U.S. Postal Service (USPS) yesterday, asking it to reconsider its plans to replace the trucks in its fleet. The USPS is set to spend $11 billion on gas-powered vehicles to replace aging and unsafe trucks, which the White House says will be bad for the environment. Fighting climate change is a central part of the Biden Administration's legislative plans, which include converting all federal cars and trucks to clean energy vehicles. Americans interested in receiving their mail on time likely won't be happy with the delay to replace the vehicles, which are unsafe or can catch fire, slowing the delivery process.

- Kristin

Editors' Picks

Unemployment Claims Drop Again, Factory Orders Dip (The Balance)

Why the January Jobs Report May Disappoint, and Is Sure To Perplex (The New York Times)

End of Pandemic Aid Spells Slower Economic Growth (The Balance)

Thousands of Flights Are Canceled as a Massive Winter Storm Tears Across the US (CNN)

Average Credit Card Interest Rate Is 20.47% (The Balance)

Off the Charts

If you've looked at real estate listings lately, you've probably noticed that many homes are brand new. In fact, new homes now make up a record share of homes for sale, according to a new report this week from real estate company Redfin.

Number of the Day

5% - That's how much more income people had in 2021 than before the pandemic—a phenomenon that's over because so much government support has ended, an analysis showed.

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