Week in Review: 2/5/21

New Money Traders | February 5, 2021

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Private Payrolls Grow 

Private, nonfarm, payrolls are again increasing in America. More state and local leaders are reopening their economies. However, economist Robert Frick cautioned, “Though we gained jobs in January after a December loss, this is not a we’ve-turned-the-corner report,”. Retail and hospitality are still suffering losses. Businesses in these very hard hit industries are hopeful as the vaccine is rolled out more and more people will return to their normal lives and their revenues will improve. 

Jeff Bezos Steps Down 

During their recent earnings call Jeff Bezos announced that he will step down as CEO of the company he founded on July 1. 2021. Bezos will stay in a leadership role as the executive chair. Bezos says that the move will allow him to focus on many of his other passions. Bezos has grown Amazon from an online bookseller to one of the most important companies in the world. Bezos’ successor will be Andy Jassy, the current leader of Amazon’s cloud computing division. Amazon stock remains one of the safest bets on Wall St. However, it is unclear whether Bezos’ role change will spark new growth for Amazon or be similar to Apple in the 1990s when visionary founder Steve Jobs left the company.  

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