TheStreet’s Sara Silverstein brings you the biggest news of the day, including a look ahead to tomorrow’s jobs report and the Biden administration forgiving $9 billion worth of student loans.
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00:00 I'm Sarah Silverstein reporting from the New York Stock Exchange.
00:03 Here's what we're watching on the street today.
00:05 Wall Street is reacting to weekly jobless claims, which showed 207,000 people filed
00:10 for unemployment last week, just above the previous week's 204,000.
00:15 This report continues to prove that the labor market is still tight despite the Federal
00:19 Reserve's efforts to cool it.
00:21 And investors are looking ahead to even more data on the labor market when the September
00:25 jobs report comes out Friday morning.
00:28 Investors are expecting the U.S. economy to have added 170,000 jobs last month, slightly
00:33 below the 187,000 added in August.
00:37 The unemployment rate is expected to drop from 3.8 percent to 3.7 percent.
00:41 Meanwhile, President Joe Biden announced that he has approved $9 billion in student loan
00:46 forgiveness for 125,000 Americans.
00:49 The announcement comes just months after the U.S. Supreme Court struck down the administration's
00:53 plan to cancel up to $20,000 in student debt for millions of Americans.
00:58 $5.2 billion will be going to borrowers who have worked in public service for a decade
01:04 or more.
01:05 $2.8 billion will go to borrowers who have enrolled in income-driven repayment plans.
01:09 And $1.2 billion will go to borrowers with disabilities.
01:13 The president also announced a one-year "on-ramp" to repayment.
01:17 According to the administration, the on-ramp will make sure "financially vulnerable borrowers
01:22 who miss monthly payments during this period are not considered delinquent, reported to
01:27 credit bureaus, placed in default or referred to debt collection agencies."
01:31 Federal student loan payments resumed on October 1st after being paused since March 2020.
01:36 That'll do it for your daily briefing from the New York Stock Exchange.
01:40 I'm Sarah Silverstein with The Street.
01:41 Thanks for watching.
01:42 Have a great day.
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