Jobless Claims Fall, Trump Threatens Insurrection Act, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Karen Moscow. We have some breaking news on the jobs front this morning. Applications for U.S. unemployment benefits unexpectedly fell last week to the lowest level since November.
What are the latest trends in U.S. jobless claims?
Initial claims decreased by 9,000 to 198,000 in the week ending January 10th. We get more with Bloomberg's Michael McKee.
It's a very, very low number. It's certainly not the record in recent months or years, but what we're seeing is certainly a growing labor force. There are a lot more Americans out there, so there are more Americans working. So the number of jobless claims falling just tells you that the labor market is holding in there. We're not seeing people losing jobs, and the number gets more impressive in terms of a percentage of labor force as it continues to go down.
And that's Bloomberg's Michael McKee. We're looking at bank earnings this morning. Goldman Sachs shares are lower after the bank reported a record $4.3 billion in equity trading revenue. It also raised its dividend to $4.50 a share.
But Bloomberg's Danny Berger reports there's a downside to this earnings report. Their total operating expenses, those come in much higher than expected. $9.72 billion, the estimate was for $8.8 billion. It is the best performing bank ever. over the past year of the big six banks.
And shares of Goldman Sachs are lower this morning. Bloomberg's Danny Berger reports that Goldman also brought in close to $2.6 billion in investment banking fees. That, too, is a record for the fourth quarter. Morgan Stanley's debt bankers increased revenue 93% in the fourth quarter, by far the biggest jump on Wall Street and capping a record year for that business. The firm's debt underwriting revenue came in at $785 million for the last three months of the year. That brought total investment banking fees to $2.41 billion. That's up 47% from a year ago. The company reported record annual net income. In other news we're following this morning, President Trump is threatening to invoke the Insurrection Act in Minneapolis, which would allow him to deploy troops.
And Trump made the threat after another shooting. We get more with Bloomberg's David Gurra.
Last night around 7, a federal officer shot a man in the leg in Minneapolis. The Department of Homeland Security says that man, whom they've identified as a Venezuelan national who entered the U.S. without authorization, fled from a targeted traffic stop in his vehicle, crashed into a parked car, and then left the scene on foot. The scene then escalated. Some other folks got involved. The DHS says an officer tried to make an arrest. And then the officer fired defensive shots.
And that's Bloomberg's David Gurra, who reports both the officer and the man he shot are in the hospital. President Trump has repeatedly threatened to invoke the rarely used Insurrection Act. The 1807 law allows the president to use regular military forces for domestic law enforcement. The Wall Street Journal reporting that the U.S. has seized a sixth oil tanker as it continues its crackdown on Venezuela's dark fleet. Troops from NATO countries including France and Germany are arriving in Greenland to boost security. This follows talks in Washington between Denmark, Greenland and the U.S. that highlighted disagreements over Greenland's future. Bloomberg's Oliver Crook has more.
We have the Germans leading it. It was 13 soldiers that arrived today, I should say.
How did Goldman Sachs perform in recent bank earnings?
Yesterday, Sweden sent a few officers, the UK, Norway. We also have the French. They're opening a consulate actually in Greenland starting in February. They say that that is going to be a diplomatic and political message, a signal that they would like to send. But we should say, you know, this is all about trying to explore different frameworks that the Europeans could potentially use. construct in order to assuage some of the fears of the President of the United States, but it's also when you have more and more international forces on this territory. Again, we don't really believe that the United States is going to launch a military campaign, but potentially that gets more difficult when you have representation from a number of different NATO allies.
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