Today's Scoop:

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Hey friends, there won't be an Explained this Sunday, given the holiday weekend, but look out for a new email series tomorrow! We'll still be back with our regular scoops on Monday.

Here's what you need to know today...

1. Everyone's watching for tomorrow's jobs report.

2. Layoffs dropped last week.

3. The recent banking crisis may make it harder to get loans.

S&P 500: 4,105.021Mo: +3% | 1Yr: -9% | 5Yr: +55%

The market dribbled upward today without any significant news drivers. Everyone's waiting to see tomorrow's official jobs report [🤓] to gauge whether hiring has really started to slow yet. Markets are closed tomorrow too.

Layoffs inched lower last week. The Labor Department reported initial jobless claims fell to 228,000 last week, roughly still in line with pre-pandemic averages for a healthy economy.

The recent banking crisis seems under control, but it will likely take a toll on the economy. The CEO of America's biggest bank, JPMorgan Chase, said this week that the uncertainty would likely lead to tighter lending. Banks will be more careful and selective with who they lend. Tougher borrowing environments make business a little more challenging.

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Employment reports

There are four main reports people watch to understand trends in the labor market.

The main "jobs report" comes from the U.S. Bureau of Labor Statistics on the first Friday of each month. It highlights the unemployment rate, new jobs added, and wage growth.

The Labor Department also releases the Job Openings and Labor Turnover Survey (JOLTS) each month, but on a one-month lag. That report helps us understand how many open positions there are, how many people quit their jobs, and how many were hired.

There's also a monthly private-sector survey from payroll services company ADP that doesn't include government jobs and the weekly initial unemployment claims (a proxy for layoffs) report from the Labor Department.