Thursday's Scoop: Flying☀️

Hey friend - markets are closed tomorrow, but that won’t disrupt your scoops! There will still be a Weekly Scoop tomorrow, and expect your regular scoops on Monday.

Insiders, look out for a BIG UPDATE coming your way right now!

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

1. Layoffs are still low.

2. The economy did even better than expected in the fourth quarter.

3. Optimism for AI and interest rate cuts fueled the best first quarter for the stock market in five years.

Unemployment Rate: 3.9%
^{Still near the lowest rate in 50+ years}

Layoff rates are still very low. The Labor Department reported initial unemployment claims fell slightly last week to 210,000, floating around that low level for the last several weeks. People requesting unemployment benefits for a consecutive week increased somewhat, but it still doesn’t indicate that the difficulty finding a job is getting much better or worse. Unemployment is historically low.

The US economy actually had a good year last year, even if it might not have felt like it. In a revised update, the Commerce Department reported real Gross Domestic Product (GDP) grew at a 3.4% annualized rate in the final three months of the year, down from 4.9% in the third quarter but way better than economists predicted. The economy grew 2.5% throughout 2023, which is around average for the US. Americans spent more, and disposable income shot up, even after accounting for inflation and taxes. Businesses exported and invested more, and the government spent more.

The Market: ⬆️ +0.1%
S&P 500: 5,254.35
1Mo: +3% | 1Yr: +30% | 5Yr: +85%

The market floated higher Thursday to end the month at a new record high. The stock market rose 3% in March and 10% in the first quarter. It was the best start to the year since 2019, fueled by optimism that policymakers will reduce borrowing costs and the potential opportunities in Artificial Intelligence. As markets break for the Good Friday holiday, investors hope to return to positive news from businesses about their first-quarter results.