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- Daily Scoop 22-6-3
Daily Scoop 22-6-3
👋 Your Monday Scoops - Wells Fargo worker union & Coinbase's crypto crisis
Today's Scoop:Tired
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Big Picture
Wages are growing.
Unemployment is low.
China continues to lift lockdown restrictions.
The Market:
⬆️
+0.3%
S&P 500: 4,121.43
1Mo: +3
%
| 1Yr:
-2%
| 5Yr:
+70%
Markets reversed some of Friday's decline as investors continued to debate the economy's near-term future.
The US jobs market still looks really strong.
On Friday, the Labor Department reported the economy added more jobs than economists expected, with 390,000 Americans finding employment. The unemployment rate is 3.6%, nearly as low as economists think it can go. The number of unemployed people sits at 6 million, roughly in line with the pre-pandemic number of 5.7 million. The number of people able to work and actively working has continued to make progress, with the Labor Force Participation rate now at 62.3%. That's still down from pre-pandemic levels. There are 5.7 million people not in the labor force who currently want a job, roughly 700,000 higher than pre-pandemic levels.
Wages continue to increase, but not as quickly as inflation.
Average hourly earnings are up 5.2% from a year ago.
Major cities in China, like
Beijing and Shanghai, have started lifting strict covid lockdown restrictions
as infection rates have fallen. The monthslong restrictions have impacted economic growth and global supply chains.
Company Scoops ❤🌎💰
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Tesla's
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Didi
-
Coinbase
-
Lululemon
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Wells Fargo
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
There are several different ways to look at
inflation
. Inflation is the rate of change in the price or value of something. One of the most commonly discussed is
consumer price inflation
, which looks at how quickly the stuff we buy is getting more expensive. There's also
asset price inflation
, which could include the rise in the value of real estate, stocks, or other assets. These things are interconnected, but an important one that economists and policymakers watch particularly closely is
wage inflation
, aka wage growth. Wages are a huge portion of corporate expenses, so as costs rise, businesses raise prices for their goods and services. As workers earn more income, that's more money to spend on the same amount of goods, pushing prices up. So while rising wages seem like a good thing, economists are trained to see it as a two-sided risk to overall inflation.
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