Economic and monetary news you want to know …
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Weekly unemployment claims rise to 373,000
(Washington, DC) – Initial jobless claims unexpectedly rose to 373,000 last week, two thousand more than the previous week’s revised total. This is a sign that employment growth may slow down after the rapid employment growth seen in the first half of this year. The largest increases in claims were in New Jersey, Massachusetts, New York, Connecticut and Puerto Rico. The largest loss declines were recorded in Pennsylvania, Kentucky, California, Texas and Michigan.
Visa: More than $ 1 billion spent on crypto-linked cards
(San Francisco, CA) – More and more consumers are using cryptocurrency to buy things. Visa says its crypto-linked cards were used to purchase goods and services valued at over $ 1 billion in the first half of this year. Visa’s CFO told CNBC consumers that they would like to use digital currency to buy items they would normally buy the traditional way. The news from Visa comes as its main competitor Mastercard partners with a cryptocurrency exchange to bring a new card to market this summer.
Dow Falls 500+ points in the midst of the wide market sell-off
(New York, NY) – Wall Street is seeing a huge sell-off. The Dow Jones Industrial Average fell more than 500 points during early trading. Goldman Sachs and American Express are among the Dow’s biggest losers. Concerns about the global economic recovery weigh on investor sentiment. The Nasdaq and S&P 500 lost about one and a half percent at the start of the session.
McDonald’s loyalty program starts today
(Chicago, IL) – McDonald’s first loyalty program starts today. The fast food giant is introducing it after testing began in November. The US launch is due to the fact that there are loyalty programs in other countries, including France.
Customers can earn 100 points for every dollar they spend at McDonald’s. How much it costs to redeem a reward depends on the item. Hash browns cost 15,000 points, while a Big Mac will set someone back 6,000 points. However, McDonald’s makes it a little easier to earn rewards by giving a customer 15-hundred points on their first order.
