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- Daily Scoop 22-7-11
Daily Scoop 22-7-11
👋 Your Monday Scoops - Baby food crisis relief & GameStop's firing spree
Today's Scoop:Stumble
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Big Picture
The jobs market is still strong.
Wages aren't keeping up with inflation.
China's still working through covid lockdowns.
The Market:
⬇️
-1.2%
S&P 500: 3,854.43
1Mo:
+3%
| 1Yr:
-12%
| 5Yr:
+57%
Markets continued the indecisive wavering today as investors digested Friday's jobs report. The Federal Reserve will likely
continue raising interest rates and cooling economic activity to slow inflation
, given signs that the economy can handle less support.
The labor market is stronger than economists thought it was
. On Friday, the Bureau of Labor Statistics reported 372,000 new jobs added in June, far more than expected, and a very low unemployment rate of 3.6%. Total employment is now only 524,000 lower than pre-pandemic levels.
Wages have not grown as quickly as the cost of living.
The jobs report showed wages up 5.1% over the past year, compared to an inflation rate of 8.6%.
Macau will shut down its casinos and many businesses to control a covid outbreak.
China has been implementing a zero-tolerance covid policy, shutting down major cities like Shanghai and Beijing to prevent the spread, but the lockdowns have disrupted international trade.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Abbott
-
GameStop
-
Levi Strauss
-
Shell
-
(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 most important monthly "
jobs report
" highlighting the unemployment rate, new jobs added, and wage growth. There's also a monthly private-sector survey from payroll services company ADP that doesn't include government jobs, and the weekly initial unemployment claims (a proxy for layoffs) report from the Labor Department.
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