Today's Scoop:

Hey friends - almost Friday. Look out for your Weekly Scoop tomorrow.

Here’s what you need to know today…

1. Layoff rates are still low.

2. Retailers expect to discount heavily this holiday season.

3. US exports jumped to the highest level in years, a good sign for businesses.

S&P 500: 4,258.19
1Mo: -5% | 1Yr: +14% | 5Yr: +54%

The market drifted sideways today without much major economic news.

Layoff rates are still very low. The Labor Department reported initial unemployment claims rose slightly last week to 207,000 but remained lower than economists expected. A separate report from outplacement firm Challenger, Gray & Christmas indicated a 37% drop in planned layoffs in September. Firms are reluctant to let go of employees amidst a competitive job market. Unemployment is historically low, and there are still more than 1.5 available jobs for every unemployed person.

Businesses ramped up exports to other countries in August, a good sign for the economy. The Commerce Department reported the US trade deficit (exports minus imports) narrowed to the lowest level in nearly three years. US businesses shipped record capital goods overseas while buying much less from other countries. Trade didn’t have much net impact in the second quarter, but it might have boosted the economy in the third quarter.

This holiday season could be full of big discounts. Adobe Analytics expects a 5% surge in online sales this quarter as retailers prepare to offer significant discounts, with markdowns peaking at 35% in categories such as toys, sporting goods, and furniture. The holiday season is crucial for retailers, often accounting for nearly a third of their annual revenue. With Amazon hosting its Prime Day sale in October, holiday shopping is expected to start earlier this year. Credit cards and buy-now-pay-later services entice shoppers to stretch their budgets but try not to let yourself spend beyond your means.

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• Apple faces scrutiny over carbon-neutral Watch claims

• Constellation Brands reveals a big beer boom

• Disney sued for having too much power across content and streaming

• Macy’s tries shrinking its stores to break from failing malls

• Rivian asks investors for more money as the cash burn continues

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What’s the difference between carbon neutral and net zero?

In the face of rising environmental business risks, more companies are setting net-zero emissions and carbon-neutral targets to reduce their impact on climate change and minimize the volume of harmful greenhouse gases emitted into the atmosphere from their operations, supply chain, and products. While the terms are often colloquially interchangeable, they have slightly different meanings. 

Carbon neutral means the company removes as much carbon dioxide from the atmosphere as it emits yearly. Net-zero takes it a step further, broadening from just carbon to all greenhouse gases like methane or sulfur dioxide and restricting the use of carbon offsets. This means net-zero companies must reduce their emissions, not just counteract them by purchasing financial instruments that direct money to carbon-negative projects like tree planting.

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