Another busy day in Financial News...the most important of which being Moody's warning that the US Credit Rating may be downgraded if the debt limit debate between the White House and Congress isn't resolved.
Ist Time Unemployment claims came in at 422,000 which was a little more than expected.
Coming on the heels of LinkedIn's incredible IPO a few weeks ago, the coupon website Groupon announced they will also file to go public.
1) 1st Time Unemployment claims up from the projected 415,000- From CNBC
New U.S. claims for unemployment benefits fell last week, but not enough to assuage fears the labor market recovery has taken a step back.
Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 422,000, the Labor Department said on Thursday, less than economists' expectations for a fall to 415,000.
2) Moody's Threatens to slash the US Credit Rating- From Yahoo Finance
A credit rating agency is warning the U.S. government that it could lose its sterling debt rating if Congress and the Obama administration don't reach an agreement to raise the nation's borrowing limit.
Moody's Investors Service said Thursday that if the parties fail to make progress soon, it would put the U.S. rating under review for a possible downgrade. That's because there's a "very small but rising risk" that the government will default on its debts.
Standard & Poor's, another major credit rating agency, issued a similar warning in April.
The U.S. government hit its $14.3 trillion borrowing limit on May 16. The debt limit is the amount the government can borrow to help finance its operations.
3) Groupon Files for IPO- From The Wall Street Journal
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