>>Weekly Jobless Claims Are Up
(Washington, DC) -- Weekly jobless claims are up. The U.S. Labor Department says the number of American workers applying for first-time unemployment benefits rose to 261-thousand in the week ending June 3rd. That's the highest level since October of 2021. Most analysts had expected today's number to come in at right around 236-thousand.
>>Biden Vetoes Measure Overturning Student Loan Forgiveness Plan
(Washington, DC) -- President Biden is vetoing a measure that would have overturned his plan to assist with student debt. Biden said in a tweet Wednesday he will not "back down on helping hardworking folks," adding he will never "apologize" for helping Americans as they recover from the pandemic. The proposal would impact 40-million borrowers, giving ten-thousand dollars in loan forgiveness to those making under 125-thousand, and 20-thousand for those who received Pell Grants. It will now head to the Supreme Court, where a conservative majority is expected to be against it.
>>Yellen 'Wouldn't Be Surprised' By More Bank Consolidation
(Washington, DC) -- Treasury Secretary Janet Yellen says more bank consolidation is possible in the U.S. In an interview with CNBC, Yellen said she wouldn't be surprised to see further consolidation among small banks in the banking sector as some are experiencing pressure on earnings. She added that some banks may face challenges relating to commercial real estate due to higher interest rates and remote work affecting demand for office space. Yellen's comments come after several mid-sized banks failed and were seized and sold by federal regulators earlier this year.
>>Boeing Discovers Another Quality Problem On 787 Jets
(Everett, WA) -- Another manufacturing defect has been discovered on the Boeing 787 Dreamliner. Boeing announced Tuesday that officials found a flaw in the stabilizer, an attachment fitting on the horizontal tail, which will delay deliveries of the plane. Officials say the defect in the tail is not an immediate safety of flight issue.
>>Report: Amazon Plans Ad Tier For Prime Video
(Seattle, WA) -- Ads could be coming to Amazon's Prime Video service. The Wall Street Journal reports the tech giant is considering an ad-supported tier for its streaming platform. The discussions come as Amazon has laid off tens of thousands of workers recently. Prime Video is currently available to customers who pay 14-99 each month for Amazon's Prime membership or eight-99 per month on its own. The Wall Street Journal says Amazon is considering charging existing Prime subscribers more for an ad-free option.
