Today's Scoop:

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Here’s what you need to know…

1. Companies aren’t hiring as much.

2. Economic activity is slowing but still decent.

3. Businesses are still optimistic and increasing investment in equipment and tech.

S&P 500: 4,263.75
1Mo: -5% | 1Yr: +13% | 5Yr: +48%

The market drifted higher today as data painted a picture of a slower economy still doing OK.

Companies aren’t hiring as much. Payroll provider ADP reported just 89,000 jobs added in September, less than half as many as in August and below economists' estimates. Most of the gains came from the economy's service sector, with leisure and hospitality jobs leading the way. Additionally, annual wage growth slowed to 5.9%, marking the 12th consecutive monthly decline. This signals a potential strain on American workers, who are not seeing their wages increase enough to keep up with the rising cost of living.

Business activity is slowing but still decent. The Institute for Supply Management reported a drop in its services sector activity index to a nine-month low in August. Activity in the services sector, which powers most of the economy, is still growing but at a much slower pace. The manufacturing sector, though, has been shrinking for almost a year. It’s a much smaller portion of the economy. These signs indicate that Americans have preferred to spend their money on experiences rather than goods.

Businesses opted to invest more in themselves in August. Orders for durable goods, which includes anything from computers to trucks that last more than three years, rose by 0.2%. Companies invested much more than economists expected in machinery, electrical equipment, and appliances. The increase in business investment prompted some economists to increase their US economic growth estimates for the third quarter. Despite ongoing challenges in manufacturing, the report suggests that higher borrowing costs haven’t yet discouraged business leaders.

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• H&R Block accused of organized crime data sharing with Google & Meta

• Amazon used secret programs to drive up prices [🤓]

• Alphabet faces off with Microsoft in biggest antitrust case of the century [🤓]

• McDonald’s hasn’t been deceiving about the size of its burgers

• United Airlines ramps up orders for a brand new fleet

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How do antitrust laws stop monopolies?

Federal antitrust laws are designed to increase economic competition by limiting the market power of any company or small group of companies (aka a trust).

The Federal Trade Commission, and sometimes the Justice Department, are tasked with monitoring pricing practices and collusion between significant corporations to break up monopolies and other anti-competitive power structures.

Regulators review all corporate mergers and acquisitions to ensure newly-formed companies won't limit competition in a way that harms consumers with less choice or higher prices.

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