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December job losses worse than expected: How the headlines affect your money

Plus, what to do if you haven't gotten your stimulus check yet.

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Markets rise despite a worse-than-expected jobs report. Plus, what to do if you haven't received your $600 stimulus check. Here's how the headlines could affect your money.

Markets hit new records 

The three major indexes closed at record highs Thursday despite the fallout from this week's unrest in D.C. The Nasdaq closed above 13,000 for the first time.

Friday morning, the market rose despite a weak December jobs report. The S&P and Nasdaq both hit new intraday highs, while the Dow was flat.

December job losses worse than expected

Nonfarm payroll jobs fell by 140,000 in December, according to the Labor Department. It is the first month since April that the economy posted more job losses than gains. 

Analysts attributed the worse-than-expected report to a spike in Covid-19 cases shuttering restaurants and bars. The hospitality industry posted a loss of almost 500,000 jobs last month alone. 

VIDEO1:5901:59
Suze Orman on how to use a second stimulus check

Video by Helen Zhao

How to troubleshoot stimulus check issues

The government began sending out $600 stimulus checks at the end of December and said most people should receive them within the week. If you qualified but haven't gotten yours yet, there could be a few reasons why.

Tax preparation services such as H&R Block and TurboTax say they are working with the IRS to address problems with stimulus money sent to pass-through accounts. Your check also might have been sent to an old address, in which case you should update your address with the IRS.  

Words you've heard: pass-through accounts 

Tax preparation services often set up temporary pass-through accounts for clients who take out a refund anticipation loan or who want to pay tax prep fees with part of their refund. The tax preparer receives the funds and passes them along, less any money the client owes.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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