Thursday's Scoop: Relief☀️

Hey friends - almost Friday. Next week is our last week of daily scoop emails. We’re moving to the Scoops app. Get access here.

Insiders, look out for the Weekly Scoop tomorrow.

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

1. Bitcoin continues its record-breaking climb.

2. Layoffs are low, but it’s getting harder to find new jobs.

3. The housing shortage is starting to improve, but affordability isn’t great.

Unemployment Rate: 4.1%
^{Relatively low, but up from record lows.}

Layoffs remain low, but finding a new job is getting tougher. The Labor Department reported that initial jobless claims fell to 213,000 last week, the lowest level since April, indicating that companies aren't cutting many jobs. However, the number of people continuing to receive unemployment benefits rose to the highest since late 2021, suggesting it's taking longer for those who are unemployed to find new positions. This increase could nudge the unemployment rate higher. Hiring had slowed in October due to disruptions from Hurricanes Helene and Milton and strikes at companies like Boeing. But with these impacts fading and rebuilding efforts underway, economists expect job growth to rebound in November. If you're job hunting, be prepared for a potentially longer search as competition intensifies.

30yr Mortgage Rate: 6.9%
^{That’s down from 7.4% a year ago. (MBA)}
Median Home Price: $407,200
^{That’s up from $392K a year ago. (Existing homes - NAR)}

Homebuyers are ready to jump in when mortgage costs fall. The National Association of Realtors reported sales of existing homes in the US jumped 3.4% in October, up from a 14-year low in September. Most of the sales were likely from contracts signed in August and September when mortgage rates briefly dipped. Mortgage rates have since climbed back, potentially slowing future sales. There are more homes on the market now after more than a year of significant shortages. Housing inventory rose 0.7% in October, up 19% from last year. However, the increased supply hasn’t been enough to offset demand and bring prices down. The median home price rose to $407,200, up 4% from last year and setting a record for October. First-time buyers comprised only 27% of purchases, below the 40% benchmark for a healthy market. While the rebound is encouraging, high prices and expensive mortgage rates continue to make homeownership challenging.

The Market:⬆️ +0.5%
S&P 500: 5,948.71
1Mo: +2% | 1Yr: +31% | 5Yr: +92%

The market floated higher on Thursday as investors gained a little more confidence in the path forward for public policy. One of President Trump's most controversial cabinet picks dropped out under immense pressure. Concerns about the disruptive impact of many of the non-traditional cabinet picks have played a role in tempering the enthusiasm for potential tax cuts and deregulation that kicked off the post-election rally.

Cryptocurrency markets are on a record-breaking surge, driven by excitement over President-elect Donald Trump's pro-crypto stance. Reports indicate that the new administration is considering the possibility of a new dedicated White House role for cryptocurrency policy, which could lead to more supportive regulations for digital assets. The head of the Securities and Exchange Commission, Gary Gensler, whose enforcement actions have frustrated the crypto sector, announced Thursday that he would resign when Trump takes office. The increased accessibility of crypto investments through Exchange-Traded Funds (ETFs) has also been a significant factor in Bitcoin's climb toward the $100,000 mark. The approval of Bitcoin ETFs earlier this year has made it easier for mainstream investors to access cryptocurrencies through legacy investment channels. These ETFs have attracted over $5.8 billion in net inflows since Election Day, pushing total assets to over $100 billion. With potential government backing and easier investment avenues, both institutional and individual investors are fueling this crypto rally.