Today's Scoop:

Hey friends - hope your week is off to a good start! Don’t miss our last Weekly Scoop or this weekend’s Explained on carbon capture.

Here’s what you need to know today…

1. Hiring hasn’t slowed much.

2. Wages aren’t rising as quickly as last year.

3. The US government isn’t going to default on its debt.

S&P 500: 4,273.79
1Mo: +3% | 1Yr: +4% | 5Yr: +54%

The market drifted lower today without any major shocks.

The government suspended the national borrowing limit and avoided default. President Biden signed the debt ceiling bill on Friday after agreeing to cap most non-defense discretionary spending for two years.

Companies are still hiring like crazy. The Labor Department reported US employers added 339,000 new workers in May, way more than economists expected, and revised the hiring numbers from March and April up a combined 93,000. So, the jobs market has been even stronger than we thought. The unemployment rate rose to 3.7% but still sits near a 50-year low.

Employees aren’t getting the same pay raises as last year. The Labor Department also reported average hourly earnings rose 0.3% in May, now 4.3% higher than last year. We’ll get May’s inflation report next week, but as of April, living costs are 4.9% higher than a year ago. So wages aren’t keeping up.

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• Allstate stops offering California insurance amidst rising climate costs

• 3M faces $143B bill for contaminating drinking water with PFAS [🤓]

• Chemours & partners pay big for PFAS contamination [🤓]

• Wells Fargo tries to settle "banking while black” discrimination

• Walmart breaks up with plastic packaging

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PFAS Forever Chemicals

PFAS (per- and poly-fluoroalkyl substances) are a group of synthetic chemicals used in various products for decades. They are often referred to as "forever chemicals" because they do not break down easily in the environment. PFAS have been linked to several health problems, including cancer, thyroid disease, and reproductive issues. There is no safe level of exposure to PFAS. Products that contain PFAS typically include nonstick cookware, firefighting foam, and stain-resistant or water-resistant fabrics.

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