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AMAZON.COM, INC.

(AMZN)
  Report
Delayed Nasdaq  -  04:00:00 2023-02-06 pm EST
102.18 USD   -1.17%
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U.S. weekly jobless claims increase modestly

12/08/2022 | 08:41am EST
FILE PHOTO: Career center reopens for in-person appointments in Kentucky

WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits rose moderately last week, pointing to a still-tight and strong labor market despite growing fears of a recession.

Initial claims for state unemployment benefits increased 4,000 to a seasonally 230,000 for the week ended Dec. 3, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week.

Claims tend to be volatile at the start of the holiday season as companies temporarily close or slow hiring. They shot up to a three-month high a week before the Thanksgiving holiday, only to almost unwind the surge in the following week.

Though there has been an increase in layoffs in the technology sector, with Twitter, Amazon and Meta, the parent of Facebook, announcing thousands of job cuts in November, that has not significantly shifted labor market dynamics.

The government reported last week that nonfarm payrolls increased by 263,000 jobs in November. Economists say technology firms are right-sizing after over-hiring during the COVID-19 pandemic, noting that small firms remain desperate for workers.

Businesses are also hoarding workers after difficulties finding labor in the aftermath of the COVID-19 pandemic. There were 1.7 job openings for every unemployed person in October.

The Federal Reserve wants to slow the labor market to cool inflation. The U.S. central bank has raised its policy rate by 375 basis points this year from near zero to a 3.75%-4.00% range in the fastest rate-hiking cycle since the 1980s.

Economists expect the Fed will continue tightening monetary policy and lift the policy rate to a level higher than the recently projected 4.6%, where it could stay for sometime.

The claims report also showed the number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 62,000 to 1.671 million in the week ending Nov. 26.

(Reporting by Lucia Mutikani; Editing by Dan Burns)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -1.17% 102.18 Delayed Quote.23.08%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.55% 0.69271 Delayed Quote.1.54%
BRITISH POUND / US DOLLAR (GBP/USD) -0.06% 1.20198 Delayed Quote.-0.43%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.17% 0.74468 Delayed Quote.1.04%
EURO / US DOLLAR (EUR/USD) -0.13% 1.07158 Delayed Quote.0.81%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.01% 0.012086 Delayed Quote.0.62%
META PLATFORMS, INC. -0.25% 186.06 Delayed Quote.54.61%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.14% 0.6316 Delayed Quote.-0.36%
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Analyst Recommendations on AMAZON.COM, INC.
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Financials (USD)
Sales 2023 558 B - -
Net income 2023 14 101 M - -
Net cash 2023 26 494 M - -
P/E ratio 2023 74,2x
Yield 2023 -
Capitalization 1 047 B 1 047 B -
EV / Sales 2023 1,83x
EV / Sales 2024 1,56x
Nbr of Employees 1 541 000
Free-Float 85,5%
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Mean consensus BUY
Number of Analysts 52
Last Close Price 102,18 $
Average target price 136,86 $
Spread / Average Target 33,9%
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Managers and Directors
Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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