Daily Scoop 22-9-1

👋 Your Thursday Scoops - Lyft assault cases & Meta's sneaky tracking

Today's Scoop:Drifting

US banks and markets are closed on Monday for the Labor Day holiday.

We'll be back with our regularly-scheduled scoops on the 6th.

Enjoy the long weekend!

Big Picture

  1. Layoff rates have been declining for weeks.

  2. China's still dealing with covid lockdowns.

  3. US-China tensions are escalating.

The Market: 

⬆️

+0.3%

S&P 500: 3,966.85

1Mo:

-3%

| 1Yr:

-13%

 

| 5Yr:

+61%

Markets floated higher today to kick off the month. Investors are waiting for the official August jobs report to be released tomorrow to get a read on the state of the economy.

Layoff rates have been on the decline.

The Labor Department reported that initial jobless claims fell to 232,000 last week, the lowest level in nine weeks and slightly above the weekly average of 2019.

China's economy is still struggling to recover from covid.

The government has maintained a strict containment policy, announcing today they would impose a lockdown on Chengdu, a city of 21 million. Restrictions on some of China's most populous and economically significant cities have disrupted global supply chains and international trade.

The

United States imposed new export restrictions on certain types of technology to Russia and China

to prevent them from using these products for military and surveillance purposes.

Company Scoops ❤🌎💰

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

Nvidia

-

Lyft

-

Tesla

-

Meta

-

Disney

(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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