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Daily Scoop 22-2-7

Daily Scoop 22-2-7

👋 Your Monday Scoops - Ford stops car production & Spirit finds a copilot

February 07, 2022

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Today's Scoop:Woozy

Big Picture

The jobs market improved in January.
Wages are on the rise.
Corporate profits are strong.

The Market

⬇️

-0.4%

S&P 500: 4,483.87

1Mo:

-4%

| 1Yr:

+15%

| 5Yr:

+94%

Markets are still wobbling from a wild week. Investors can't decide whether they think the economy is strong or stumbling.

We're more than halfway through earnings season, and

corporate updates have been mostly strong.

More than 75% of companies earned higher revenue and profits than investors initially expected. Some prominent names like Netflix, PayPal, and Facebook had less-than-stellar reports that stirred doubts.

The January jobs report was way better than expected.

On Friday, the Labor Dept reported 467,000 jobs created last month, despite fears that omicron disrupted hiring. The most significant gains were in the food and beverage hospitality sectors. Broadly, labor participation increased to the highest level since the start of the pandemic, meaning

more of the working-age population has been able to get back to work

. Average hourly earnings in the private sector increased to $31.63.

Wages are now 5.7% higher than a year ago.

Company Scoops ❤🌎💰

(Click to dig in & vote your reaction, see how others feel)

Frontier & Spirit

join forces for budget flights

Ford's

freezing more production

Amazon's

raising prices

Snap's

not affected by Apple's changes

Pinterest's

finally profitable

(These links only work for 24 hours while the story is live)

🤓 Inside Scoop...

There are three main reports people watch to understand trends in the labor market. The U.S. Bureau of Labor Statistics puts out the "big" monthly report highlighting the unemployment rate and job growth. There's also a private-sector survey from ADP and the weekly initial unemployment claims (a proxy for layoffs) report from the Labor Department.