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Market Archive

Market

JPMorgan Chase Pulls Social Media Q&A, Didn't Like the Questions

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NEW YORK (11/15/13)--While credit unions have seen great success with social media campaigns and Tweet Tuesdays such as Don't Tax My Credit Union,  that's not the case for one huge bank whose attempt to use social media backfired into a public relations nightmare.
 
JP Morgan Chase & Co. late Wednesday cancelled a Twitter live Q&A forum it had scheduled for Thursday under its #AskJPM Twitter hashtag when Twitter users began inundating the hashtag with the type of questions many banks--especially one that has been the target of several Justice Department investigations--wouldn't want to answer.
 
JP Morgan had tweeted at 10:16 a.m. Wednesday: "Tomorrow at 1pm ET $JPM Vice President Jimmy Lee takes over @JPMorgan to answer your questions for 1 hour. Tweet your Q early using #AskJPM" (Marketplace.org Nov. 14). The online forum was intended to give college students the opportunity to communicate director with a JPM senior executive (Bloomberg.com Nov. 14).
 
Instead, the hashtag drew ridicule from thousands of tweeters. It drew more than 6,000 responses from tweeters in the first six hours, according to Topsy, the social media tracking service. As of 10 a.m. ET Thursday, more than 24,000 posts, many with snarky comments.
 
When News Now checked the bank's hashtag just after 8 p.m. ET Thursday, comments were still pouring in. The hashtag had received at least 50 negative comments in the past 30 minutes. Comments included:
  • "I'm fairly certain your PR department failed to realize how much you are HATED";
  • "Are borrowers credit ratings, proof of income and assets used to evaluate loan risk or to determine how much you can steal?" and
  • "Is this the type of brilliant marketing idea that makes JPMorgan Execs so much richer and more highly valued than us commoners?"
 

Decline In Weekly Jobless Claims Signals Progress

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WASHINGTON (11/15/13)--First-time jobless claims in the U.S. continued to edge downward last week, said a report published Thursday by the Labor Department.

Jobless claims for the week ending Nov. 9 fell to 339,000 from a revised 341,000 measured for the week ending Nov. 2. It was the fifth consecutive week that first-time claims have decreased.

In another sign that the economy has gradually improved over the past few weeks, the four-week moving average of first-time jobless claims for the week ending Nov. 9 fell to 344,000 from 349,750. While the total number of people on jobless benefits was unchanged at 2.87 million, the four-week moving average of that measure decreased by 2,000--also to 2.87 million.

But economic woes persist. Layoffs have been at a two-year low recently, but businesses remain reluctant to hire (Economy.com Nov. 14).

Analysts insist that consumer expenditures, which account for about 70% of economic activity, are needed to boost growth and hiring in the fourth quarter (Bloomberg.com Nov. 14). And the four-week moving average of first-time claims in August--prior to the claims processing backlog in California caused by a change in computer systems, and the confidence-corroding partial government shutdown--the four week moving average of first time claims was 328,750.

Economists polled by Bloomberg made predictions about first-time claims that ranged from 325,000 to 350,000.