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Here’s what you need to know today…
Big Picture
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.
How are you feeling about the economy? |
Company Scoops 🗣️🌎💰
💡Join the board at America’s biggest companies. Vote and judge their decisions.
 BlackRock | Crypto Expansion The world's largest investment manager took a first step toward launching an Ethereum exchange-traded fund (ETF) to make cryptocurrency investments more accessible. BlackRock still awaits regulatory approval for its first Bitcoin fund. |
 TotalEnergies | Destructive Pipeline TotalEnergies faces criticism for disrupting over 2,000 local graves for its controversial East African pipeline project set to begin oil exports in 2025. The pipeline received international pushback over environmental concerns. |
 Morgan Stanley | Under the Microscope Regulators are investigating Morgan Stanley over whether the bank has done enough to prevent money laundering by wealthy foreign customers. Its wealth management business is responsible for half of its overall revenue. |
 AstraZeneca | Weight Loss Race AstraZeneca will invest $2B to compete in the booming obesity treatment market, acquiring an exclusive license for an oral weight-loss drug. The drugmaker had a solid third quarter, fueled by high demand for its cancer-fighting therapies. |
 Virgin Galactic | Space Shakeup Virgin Galactic will halt its space travel operations next year to focus on developing its new Delta-class spacecraft. The space tourism startup laid off nearly 20% of its workforce to cut costs and reduce its $100M quarterly cash burn. |
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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.
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