Today's Scoop:

Hey friends - hope you had a great weekend. Make sure to catch up with our Weekly Scoop, and don’t miss our Explained about shifting perspectives on the value of college.

Here’s what you need to know today…

1. Retailers aren’t expecting a big holiday season.

2. Student loan payments restart at the end of the month.

3. The housing market keeps slowing.

S&P 500: 4,453.53
1Mo: +1% | 1Yr: +14% | 5Yr: +52%

The market didn't move much today as investors waited for a slew of updates from economic policymakers around the globe this week.

Tens of millions of Americans will start losing a few hundred dollars per month again as federal student loan payments resume on October 1st. That could amount to $100 billion less consumer spending over the next twelve months, causing concern for major retailers like Target and Walmart.

Stores are preparing for a slower holiday shopping season as Americans manage tighter budgets. US retailers expect to hire just 410,000 seasonal workers for the upcoming holiday quarter, according to a report by Challenger, Gray & Christmas. That’s 26% fewer workers than in 2021 and the fewest since 2008. Retailers are hiring cautiously amidst higher wage demands.

Homebuilders are losing optimism as expensive mortgage rates deter home buyers. The National Association of Home Builders sentiment index dropped to its lowest level in months. More home builders reported cutting prices to attract buyers. Pessimistic home builders could worsen the shortage of affordable homes across the country.

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• BlackRock faces heightened protest over climate inaction

• Wells Fargo executive avoids jail time for fake accounts scandal

• Ford lays off non-union workers and pleads bankruptcy in union talks [🤓]

• Tesla makes a manufacturing breakthrough [🤓]

• Chevron replaces striking workers to restore full output [🤓]

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What exactly is a labor union?

A labor union is an organization of workers that band together to collectively bargain for improvements to their working conditions, wages, and benefits. Any industry can have a union. It starts by hosting some form of election in the workplace to acknowledge that the workers of that unit would like to unionize. Then, it expands to a more formalized agreement and negotiation process. New union workers can choose to be represented as part of an established, industry-wide union. Employers can dissuade workers from unionizing, but it's illegal to threaten or coerce. That grey line in between is for the lawyers.

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