Today's Scoop:

Hey friends - US markets are closed on Monday for Labor Day. Look out for your Weekly Scoop tomorrow, and then we’ll be back with your regularly scheduled scoops on Tuesday, September 5th.

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Here’s what you need to know today…

1. Fewer people got laid off last week.

2. Americans’ spending jumped in July, but they have less to spend.

3. Living costs aren’t rising as quickly as they were.

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S&P 500: 4,507.66
1Mo: -2% | 1Yr: +14% | 5Yr: +57%

The market didn't move much today as investors headed out to the Hamptons, and economic data offered no surprises. July was a good month for the economy.

Companies aren’t laying off many people right now. The Labor Department reported initial unemployment claims dropped for the third week to 228,000, roughly in line with pre-pandemic averages. Unemployment is about as low as economists think possible, and there are still more than 1.5 available jobs for every unemployed person.

Americans went on a spending spree in July, even though savings are dwindling. The Commerce Department reported that personal consumption expenditures jumped 0.8% in July as people spent more on goods like groceries and clothing and services like restaurants and healthcare. Real disposable income declined for the first time all year.

Living costs aren’t rising as quickly. Policymakers’ preferred inflation gauge rose only 0.2% in July, much closer to a healthy economy's inconspicuous monthly rate of price increases. Overall, everything we spend on is still 3.3% more expensive than a year ago.

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• IBM sells facial recognition to UK immigration police

• American Airlines flight attendants authorize a strike for better pay

• Salesforce proves it can boost profitability

• Dollar General shows consumers can’t afford dollar store items

• UBS posts massive profit from Credit Suisse purchase

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Why isn’t anything happening in the markets this week?

Summers and holidays can be dull. As much as it seems like the stock market is a big machine, it's still run by people. As portfolio managers and analysts head to the Hamptons and more people take a moment to unplug, trading volumes can decline.

Dull summer markets have the potential to get exciting quickly. Summer can often bring more market volatility because of a substantial decline in trading volume. There can be wider swings in prices in a market with fewer participants. If you had a thousand people guess what they think a toaster costs, you would likely see many of the same guesses or slight differences in the middle of the range of price guesses. But, the more people you take away, the fewer overlapping opinions and wider the gaps in price estimates. That's what happens in the stock market.

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