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Here’s what you need to know today…
Layoffs are still low, but finding a new job is getting tougher.
America will need better immigration policies to maintain its workforce.
The Hollywood strikes are over.
The Market: ⬇️ -0.8%
S&P 500: 4,347.35
1Mo: -1% | 1Yr: +10% | 5Yr: +59%
The market wavered lower to end its weeklong hot streak today. Policymakers warned investors that they could still raise borrowing costs if inflation doesn't keep trending lower.
Layoff rates are still low. The Labor Department reported initial claims for unemployment benefits fell by 3,000 to 217,000 last week. There are still 1.5 jobs open for every unemployed person. However, the number of people receiving ongoing benefits increased for a seventh consecutive week, inching closer to 2 million. The data suggests that while new layoffs remain limited, people out of work are having more difficulty finding new jobs.
The US population is on track to shrink by the end of the century. Declining birth rates and an aging population are contributing to the shift, which could seriously impact the shape of the labor force. The country will need more efficient immigration policies to maintain its workforce. This change may negatively impact entitlement programs like Social Security and Medicare, which will face legitimate challenges due to fewer young workers to support older adults. By contrast, Africa's population is expected to double in the next 40 years.
Hollywood is headed back to work with higher pay and better career protections. The actors’ union has reached a tentative agreement with major studios, ending a six-month strike and allowing work to resume on TV shows and films. The tentative deal includes the most significant increase in minimum wages in forty years, a new residual structure for streaming programs, and protections against using artificial intelligence in the creative process. This has been a historic year for American workers, with unions across multiple industries battling management for better pay and conditions.
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Inside Scoop 🤓
Why have there been so many strikes this year?
A combination of factors has led to one of the most significant years in labor organization and protests in decades. Decades of accelerating living costs, corporate profits, and executive pay have dramatically outpaced wage growth, unfairly straining working Americans. Employees across industries have rallied together to demand better pay and working conditions.
The imbalance in the labor market has given workers more negotiating power than they’ve had in decades. The number of available jobs has significantly outgrown the supply of available workers, increasing competition for talent. With employers less capable of replacing disgruntled employees, workers have been able to negotiate massive pay raises to help close the gap with the higher cost of living.