Today's Scoop:

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Here’s what you need to know today…

1. Companies have cut back on layoffs.

2. Living in the suburbs is getting much more expensive.

3. Low-income Americans are missing more meals and rent payments.

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S&P 500: 4,451.14
1Mo: -1% | 1Yr: +11% | 5Yr: +53%

The market drifted lower today on more mixed news. Layoff rates are falling. Union workers are striking for higher wages. Investors worry wage increases and a stronger economy will lead to more inflation.

Fewer people got laid off last week. The Labor Department reported initial unemployment claims dropped for the fourth straight week to 216,000, the lowest level since February and in line with pre-pandemic averages. Unemployment is historically low, and there are still more than 1.5 available jobs for every unemployed person.

It’s getting more expensive to live in the suburbs. Apartment List reported suburban rent prices have climbed 26% since March 2020, more than eight percentage points faster than city rents. Rents in the suburbs have grown faster than their urban counterparts in 93% of the country. New York City rents can’t be beaten, though.

Low-income Americans are struggling more than they have in years. Food insecurity has doubled in the past year for households using the government Supplemental Nutrition Assistance Program (SNAP). In August, 42% skipped meals, and more than half ate less because they couldn’t afford food. In just the past month, there have been significant increases in the number of program participants who took on debt, had utilities shut off, or missed rent payments.

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• WeWork tries everything to avoid bankruptcy

• Microsoft invests $200M in rocks that capture carbon [🤓]

• Roku lays off another 10% of its staff

• GameStop still doesn’t have a CEO, but it’s losing less money

• American Eagle boosts profit by riding fashion trends

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What is carbon capture?

Amidst growing climate concerns and awareness of fossil fuel emissions’ acceleration of global warming, corporate and political leaders have been looking for ways to reduce new pollution and remove greenhouse gases from the air. Read more here about capturing carbon pollution from the air.

Carbon capture efforts have been mainly focused on either Direct Carbon Capture technology that sucks the greenhouse gases out of the air where the emissions are created, like at a factory or refinery, or broader projects that remove existing carbon dioxide from the atmosphere. Those broader projects include natural processes like planting or preserving forests, mangroves, or other plants to convert carbon dioxide into oxygen from the air. They also include burgeoning technologies that work like big air filters.

The technology is still new, inefficient, and expensive. So, it will require significant investments from rich corporations and financial help from the government to expedite the development of these technologies to get them ready for mass adoption.

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