Jobless claims remain historically low

The number of Americans applying for unemployment benefits was unchanged last week and remains historically low as the labor market continues to show resiliency in the face of high interest rates and elevated inflation. The Labor Department reported Thursday that unemployment claims for the week ending April 27 was 208,000, the same as the previous week. That’s the fewest since mid-February. Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week. In total, 1.77 million Americans were collecting jobless benefits during the week that ended April 20. That’s also the same as the previous week.

Peloton cutting 400 jobs worldwide

Peloton is cutting about 400 jobs worldwide as part of a restructuring effort, and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business. Peloton Interactive Inc. said Thursday that the job reductions amount to approximately 15% of its global headcount.

Apple iPhone sales drop 10%

Apple has posted its steepest quarterly decline in iPhone sales since the pandemic’s outset. The results reflect a deepening a slump that’s increasing the pressure on the trendsetting company to spruce up its products with more artificial intelligence. The 10% drop in year-over-year iPhone sales for the January-March period is latest sign of weakness in a product that generates most of Apple’s revenue. It marked the biggest drop in iPhone sales since July-September period in 2020 when production bottlenecks caused by factory closures during the pandemic resulted in a delayed release of the new model that year. Apple’s revenue and profit still eclipsed analyst projections, and its stock rose in extended trading.

Average mortgage rates rise again

The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what’s typically the housing market’s busiest stretch of the year. The rate rose to 7.22% from 7.17% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers.

Exxon Mobil deal gets FTC nod

Exxon Mobil’s $60 billion deal to buy Pioneer Natural Resources has received clearance from the Federal Trade Commission, but the former CEO of Pioneer was barred from joining the new company’s board of directors. The FTC said Thursday that Scott Sheffield colluded with OPEC and OPEC+ to potentially raise crude oil prices.