Today's Scoop:

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Here’s what you need to know today…

1. New home construction stalled in August.

2. The government has been on a hiring spree.

3. Ukraine may be able to prevent wheat shortages.

S&P 500: 4,443.95
1Mo: +1% | 1Yr: +15% | 5Yr: +52%

The market drifted slightly lower today as investors worried about rising gas prices and whether policymakers will raise interest rates again tomorrow.

Expensive mortgage rates have turned away buyers and stalled new home building. The Commerce Department reported new home construction sank 11% in August to the lowest level since June 2020. High mortgage rates have sellers hanging onto their existing cheaper mortgages, shrinking the supply of homes on the market. Newly built homes have been booming until now. Home builders are losing confidence, but a 7% jump in new construction permits in August might be a signal of a rebound.

The government has been on a hiring spree this year, filling in roles still left open from the pandemic. Public-sector jobs in the US have increased by 327,000 in 2023, nearly one-fifth of all new jobs created this year, compared to just 5% last year. Government agencies are offering competitive perks and pay raises to attract talent. This is the most the government has contributed to overall hiring in more than two decades.

Ukraine might be able to help the world avoid a food shortage. A cargo vessel carrying grain has left the Ukrainian Black Sea port of Chornomorsk for the first time since Russia ended an agreement to allow trade through the sea route. Before the Russian invasion, Ukraine produced nearly a fifth of the world’s wheat exports, but the interruption of trade pushed global food prices to record highs. Wheat prices have fallen to the lowest level in over a year as the world hopes for more safe passage.

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• Exxon Mobil faces mounting lawsuits from climate disinformation

• BP’s reasoning for firing clean energy CEO gets murky

• McDonald’s fights against higher minimum wage [🤓]

• Apple makes iPhone repairs more accessible

• Toyota’s embracing new tech to catch up to Tesla

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How does minimum wage work?

In the US, the federal government sets a minimum wage, but states can establish higher rates. Some states have varying wages based on company size or benefits offered. For tipped workers, employers pay a lower wage, but if tips don't make up the difference to the standard minimum, employers must compensate for the shortfall.

The US federal minimum wage hasn’t been increased in more than fourteen years from $7.25, and 21 states use that as their minimum wage. Working a full-time job at $7.25 per hour doesn’t cover the most basic living expenses for an adult in any state.

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