Daily Scoop 22-6-2

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Today's Scoop:Strong

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Big Picture

1. Fewer people got laid off last week.

2. Hiring was slower than expected last month.

3. Small businesses are having trouble finding workers.

The Market: 

⬆️

+1.8%

S&P 500: 4,176.82

1Mo:

0%

| 1Yr:

-1%

| 5Yr: 

+72%

Markets rallied higher today as investors found optimism in the strength of the jobs market.

Payroll provider ADP reported private companies hired only 128,000 people in May, about half of what economists expected. It's the

third straight month of hiring declines

, indicating fewer and fewer workers trying to get back into the workforce or companies cutting back. We're

back to pre-pandemic employment levels.

ADP's report signaled some trouble for small businesses, which had the biggest slowdown in hiring.

Small firms are having trouble competing with bigger companies

to fill roles at higher wages. 

The Labor Department reported another weekly decline in initial unemployment claims last week.

Layoffs have been trending lower

as companies hang on to workers. We'll get the monthly jobs report from the Labor Department tomorrow.

Company Scoops ❤🌎💰

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

Meta Platforms's

Sheryl Sandberg steps down

-

Netflix

finally starts restricting password-sharing

- 

BlackRock

sides with Big Oil this year

- 

Gamestop

moves further from profitability

- 

Boeing

loses its federal free pass

(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 payroll services company ADP and the weekly initial unemployment claims (a proxy for layoffs) report from the Labor Department.

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