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Here’s what you need to know today…

1. Layoffs have spiked for high earners.

2. High living costs have eaten into retirement savings.

3. The US economy is showing mixed signals.

S&P 500: 4,137.04
1Mo: +4% | 1Yr: -4% | 5Yr: +55%

The market didn't do much today as investors prepared for the biggest week of earnings season. Nearly half of the market will report on their financial health this week.

US economic data has been sending mixed signals. Many regional Federal Reserve reports have indicated a continued slowdown in US manufacturing, but some have pointed to a resurgence. S&P Global’s index tracking business activity across manufacturing and services sectors reported a surprise spike in activity in April. Like we’ve said before, get ready for a bumpy ride.

Layoffs have hit high earners by surprise. A new Census Bureau survey revealed the number of high-income households collecting unemployment jumped sixfold since last year. More than 113,000 households with an annual income of over $200K received unemployment benefits as of April 10th, up from 18,000 a year ago. White-collar workers may have been caught off-guard with no emergency savings.

Retirement keeps moving further out of reach. A survey from Credit Karma reported more than a quarter of Americans over age 59 had no retirement savings. Of those still working and saving, one in five have reduced retirement contributions to afford higher living costs. One-in-four millennials and gen z have a negative net worth, meaning more debt than savings.

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• Anheuser-Busch drops marketing exec over trans backlash

• Google cancels on San Jose

• Comcast's NBCUniversal CEO fired over inappropriate relationship

• Bed Bath & Beyond finally files for bankruptcy [🤓]

• Lyft's new CEO cuts 30% of its staff

(These links only work for 24 hours while the story is live)

Bankruptcy

Bankruptcy is a formal legal process that helps identify a path forward for companies and individuals who can't pay their debts. Lawyers come in to analyze the bankruptcy filer's income, available assets, and debt to figure out how to pay back as much debt as possible by selling non-essential valuables and property, then sometimes restructure the terms of the outstanding debt to something more manageable or wipe it away entirely.

The most common type of bankruptcy for businesses is Chapter 11, in which the company is allowed to stay operating but gets help restructuring its debt to create terms it can afford. It might use this to stall while looking for a buyer. Once the company files Chapter 7, it's out of business and plans to liquidate everything immediately to pay off debts. If you own stock in the company, you might see a return if it recovers from Chapter 11, but you'll lose your investment upon Chapter 7.

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Here are our top priorities for today’s challenges:

1. Rising Rates & More Layoffs: Make sure you have an emergency savings in cash. Use SaveBetter to make sure your savings account pays you at least 4%.

2. Higher Living Costs & Tighter Budgets: Make sure to avoid debt by tracking your spending, building savings, and spending carefully. We use Guac to save while spending and get cash back on 200+ brands.

3. Volatile Markets: Automate your investment contributions to take the emotions out of it. We use M1 to automate banking and investing in one place.

4. Hidden Opportunities: Down markets are a good time to hunt for bargains if you have the savings. We’ve made a lot of money from Motley Fool’s stock picks.

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