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Today's Scoop:
Stumble⛅
Hey friends - hope you had a great long weekend. Catch up with last week’s Weekly Scoop.
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Here’s what you need to know today…
Big Picture
Hiring slowed in August.
Wages aren’t rising very quickly.
Major oil nations are cutting production to push prices higher.
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The Market: ⬇️-0.4%
S&P 500: 4,496.83
1Mo: -1% | 1Yr: +15% | 5Yr: +57%
The market drifted lower as investors worried about a slowing economy and potentially higher inflation.
Hiring slowed in August as the economy returned to a normal job market. The Labor Department reported employers added 187,000 more jobs last month, particularly in healthcare, hospitality, and construction. The unemployment rate jumped to 3.8% - still historically low, but higher than the 3.5% in July. Policymakers like seeing the labor market loosening up. [🤓]
Wages aren't rising very quickly anymore. The August employment report showed average hourly income rose only 0.2% in the month, up 4.3% in the past year. The tight labor market [🤓] has given workers negotiating power, and wages were just starting to rise more quickly than living costs. We'll determine how quickly living costs rose in August's inflation report on the 13th.
Major oil export nations are cutting production to make oil more expensive. Saudi Arabia and Russia both announced extensions to their voluntary reductions in oil output, limiting the global supply further and pushing prices higher. Gas prices have been climbing in recent months, which could strain the economy further.
How are you feeling about the economy? |
Company Scoops 🗣️🌎💰
Click to dig in & vote your reaction, see how others feel
General Motors illegally delays autoworker negotiations
Chevron faces a disruptive strike
Walgreens drops its CEO for a healthcare expansion
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Inside Scoop 🤓
What’s so tight and loose about the economy?
Economists and financial analysts often refer to certain markets or policies as tight or loose, indicating whether something is restrictive to normal function.
You might hear that the labor market has been tight, referring to the demand for employees far exceeding the amount of available workers. That imbalance has restricted economic growth by not providing businesses with the resources they need and spurred inflation by making those limited resources more expensive (higher wages). As business activity slows, and companies reduce their hiring plans, the demand for workers will come closer into balance with the supply. Economists will also use temperature adjectives to qualify the scale of imbalance. A tight labor market could be too hot and need to cool or loosen.
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