Economists surveyed by The Wall Street Journal estimated that initial jobless claims, a proxy for layoffs, inched up to 195,000 for the week that ended Dec. 11 from 184,000-the lowest level in 52 years-the week before. Some economists attributed that half-century low to seasonal adjustments being thrown off because of the Covid-19 pandemic. Still, new jobless claims have been steadily declining throughout the year.

How Banks Win When Interest Rates Rise

Banks yearning for interest rates to rise appear on the verge of getting their wish.

Federal Reserve officials on Wednesday signaled they were prepared to raise interest rates at least three times next year in response to rising inflation, a faster timeline than was expected a few months ago.

Investors Bargain Hunt in Evergrande Bonds Amid Default

Some money managers purchased bonds of China Evergrande Group in recent weeks as the property developer toppled into default and prices hit record lows.

Fund managers are betting creditors will recover far more than the debt's current prices suggest, despite the likelihood of a complex restructuring. The real-estate company has $20 billion of international bonds outstanding, making it one of the world's largest distressed-debt investments at the same time low interest rates have investors looking for ways to boost returns.

The Elizabeth Holmes Trial: Closing Arguments Begin

SAN JOSE, Calif.-Closing arguments begin Thursday in Elizabeth Holmes's criminal-fraud trial, marking the final opportunity for prosecutors and defense lawyers to sway jurors to their side of the case.

Ms. Holmes, the founder of now-defunct blood-testing startup Theranos Inc., is fighting 11 charges of conspiracy and fraud claiming that she lied to investors and patients about the company's technology. The 2018 indictment alleges that Ms. Holmes inflated revenue projections, lied about Theranos's relationship with the military and falsely touted the ability of Theranos devices to test for some 200 health conditions using just a few drops of blood from a finger prick.

White House Revs Up Trucker Recruitment Drive

The Biden administration unveiled a plan aimed at boosting the number of commercial truck drivers as part of a broader push to unclog supply-chain bottlenecks.

Administration officials on Thursday said the plan aims to get more drivers on the road in the coming months by making it easier and faster for them to get certified and by jump-starting or expanding apprenticeship programs through carriers and other employers with trucking fleets. Overland Park, Kan.-based trucker Yellow Corp. and grocery chain Albertsons Cos. are among the companies that have committed to such programs.

U.S. Seeks to Replace Every Lead Water Pipe in the Country Within a Decade

WASHINGTON-The Biden administration intends to announce a plan to replace every lead water pipeline in the country within a decade, leaning on $15 billion recently approved by Congress and forthcoming new rules from the Environmental Protection Agency.

White House officials said they are rolling out a new plan aimed at helping about 10 million U.S. households replace lead water pipes. Both President Biden and Democratic lawmakers in Congress have promised swift action on the issue, as lead pipes are considered a health hazard by the EPA.

Democrats' $2 Trillion Package Stalls as Manchin Talks Make Little Headway

WASHINGTON-Democrats braced for weeks of delay and uncertainty on their roughly $2 trillion education, healthcare and climate package they had hoped to finish by year end, as efforts faltered to secure the pivotal support of Sen. Joe Manchin (D., W.Va.) for the bill.

President Biden spoke with Mr. Manchin at least twice this week to try bringing him on board with the bill, which will need the support of all 50 members of the Senate Democratic caucus to pass. But Mr. Manchin has so far stood by his central critique of the package: that it temporarily funds programs that Democrats intend to later make permanent, as a way to disguise the full price of its provisions.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

12-16-21 0632ET