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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

  1. The jobs market is still strong.

  2. Wages aren't keeping up with inflation.

  3. 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

Twitter

(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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