Feb 6, 2023
The Weekly Scan February 6, 2023
Find out what’s happening in the world of business this week
Welcome to the Weekly Scan. Here’s what we’re following for the week of February 6, 2023.
Stranger things have happened. Netflix will reportedly start cracking down on password sharing “more broadly” after testing restrictions in Chile, Costa Rica, and Peru. The new rules are designed to prevent people that don’t live in one household from using a single Netflix account. Account holders will now have to log in to their account every 31 days to verify that they are in their primary location. Those who have standard or premium Netflix accounts will be able to add extra members for $2.99 per person. Online searches for “cancel Netflix” increased in response to the news.
Jolt in jobs. The U.S. added more jobs than expected in January, according to the Bureau of Labor Statistics. Nonfarm payrolls increased by 517,000 in January, three times the number predicted by the Dow Jones. The unemployment rate dipped to 3.4%, the lowest it’s been since May 1969. The leisure and hospitality industry added 128,000 jobs in January, led by 99,000 jobs in restaurants and bars. However, employment in that industry remained below pre-pandemic levels. The increase in jobs comes as the Federal Reserve continues to raise interest rates in order to fight inflation.
A little birdy told me about a deal. Twitter is trying to woo back advertisers who left the platform in the aftermath of Elon Musk’s takeover by offering a Super Bowl deal. The social media company is offering a Super Bowl Weekend ad package. Advertisers who participate in the three-day deal would get up to $250,000 in free ad space should they spend that amount on the platform. The weekend of the Super Bowl has historically been a big revenue-generating weekend for Twitter, as people go to the platform to chat about the game.
I spy with my little eye a balloon. The U.S. shot down a suspected Chinese surveillance balloon that was found flying over Billings, Montana. Once the wreckage is collected, the FBI and counterintelligence agencies will investigate the balloon and its purpose. China has maintained that the object was not a surveillance balloon but rather a weather balloon that flew off course. But a spokesperson for The Pentagon maintained that the balloon was designed to spy on the U.S.