Monday's Scoop: Optimistic☀️

Hey friends - hope you had a phenomenal weekend.

Congrats to Essy, this month’s winner of our Insiders giveaway with a free Take Your Share T-shirt! Make sure to open your emails and vote in our polls for a chance to win gifts!

Here’s what you need to know today to inform your work, spending, and investments:

1. Hiring picked up in September.

2. Unemployment keeps falling across racial and gender groups.

3. California demands more environmental accountability from big businesses.

Unemployment Rate: 4.1%
^{Relatively normal, low}

Hiring picked up unexpectedly in September. The Labor Department reported that employers added 254,000 new jobs last month, well above the 150,000 economists expected. The unemployment rate edged down to 4.1%, and average hourly earnings rose 0.4% for the month, up 4% from a year ago, both better than expected. Sectors like hospitality, healthcare, and construction led the hiring gains, with restaurants and bars adding 69,000 positions. Hiring numbers for July and August were also revised higher than initially estimated. This is the latest indication that the economy is doing pretty well, with low layoffs, continued hiring, and wages regaining ground on the elevated cost of living.

More Americans are starting to feel the full economic recovery. Unemployment rates for Black and Hispanic men fell notably in September, providing a positive sign in the latest jobs data from the Department of Labor. The jobless rate for Black men dropped to 5.1% from 5.9%, marking its first decrease in five months, while Hispanic men saw a decline to 4.1% from 4.8%. Meanwhile, the overall unemployment rate edged down to 4.1%. The unemployment rate for Black Americans is typically twice as high as that of White Americans. Unemployment declined for women of all racial groups. Labor force participation—measuring those working or seeking work—increased slightly for Black workers but dipped for Asian and Hispanic workers, highlighting some ongoing disparities in the broader job market. Overall, labor force participation has been steadily climbing for the past few years.

Global Energy Emissions: 37.4 billion tonnes of CO₂
^{An all-time high, up 1.1% from 2022. (IEA)}

California is demanding more environmental transparency from big companies. Governor Gavin Newsom signed Senate Bill 219, which is set to require large businesses operating in the state to disclose detailed climate impact data starting in 2026. Given that California is the largest sub-national economy in the world, this move could have significant ripple effects, pushing companies to share more about their climate impact. Under SB 219, firms making over $1 billion annually will need to report greenhouse gas emissions from their operations and power use (scope 1 and 2) and, starting in 2027, broader emissions produced from their supply chain or products (scope 3). The bill also mandates disclosures on how companies manage climate-related financial risks. These rules aim to make environmental data more accessible to Californians, promising a new level of transparency. With California home to thousands of large companies, this legislation could set a new standard for climate accountability.

The Market: ⬇️ -1.0%
S&P 500: 5,695.94
1Mo: +4% | 1Yr: +31% | 5Yr: +92%

The market sank lower on Monday as investors worried that the economy might be doing too well for the Federal Reserve to keep lowering borrowing costs. The Fed started cutting interest rates to avoid an economic slowdown, but the strong hiring report on Friday might encourage them to keep things where they are now.