- Today's Scoop:
Hey friend - it’s almost Friday, and then it’s almost Thanksgiving. 🆒
Make sure you’re signed up for premium to receive our Weekly Scoop tomorrow.
Refer one new subscriber to get it for free, or subscribe today to a 7-day trial.
Share your referral link: https://sub.sharescoops.com/subscribe?ref=PLACEHOLDER
Here’s what you need to know today…
Layoffs are rising, and it’s harder to find work.
Low home affordability has slowed construction momentum.
Imported goods have been getting cheaper.
The Market: ⬆️+0.1%
S&P 500: 4,508.24
1Mo: +3% | 1Yr: +14% | 5Yr: +71%
The market drifted sideways today as investors digested more mixed news. Signs of slowing inflation, hiring, and spending could lead policymakers to stop restricting the economy. However, a slowing economy is hard to feel happy about.
Layoffs have been rising, and it seems more difficult to find work. The Labor Department reported initial claims for unemployment benefits rose more than expected last week to 231,000. However, some economists say the seasonal adjustments might be overstating the numbers. Either way, the trend has been higher, and continuing claims, the number of people receiving ongoing benefits, increased for an eighth consecutive week.
Low home affordability has stalled the housing market. The National Association of Homebuilders reported declining homebuilder sentiment for the fourth straight month to the lowest level all year. Mortgage rates have come down from their multi-decade highs last month, but high home prices and expensive mortgages have deterred buyers and dissuaded builders from bringing more homes to market. However, more builders are offering discounts now, particularly in the southern US.
Imported goods are getting cheaper, potentially helping prices come down. The Bureau of Labor Statistics reported import prices dropped by the most in seven months in October. Foreign goods are about 2% cheaper than a year ago, thanks mainly to a stronger dollar than international currencies. Prices for food, fuel, and consumer goods all declined. Wednesday’s Producer Price Index revealed a decline in business costs. These things should flow through to help lower price tags for consumers.
How are you feeling about the economy?
Company Scoops 🗣️🌎💰
(These links only work for 24 hours while the story is live.)
Inside Scoop 🤓
What emissions are the most important?
To decode sustainability pledges, we need to know the terms. As companies set target dates to achieve net-zero greenhouse gas emissions, they'll be setting emission reduction targets for their Scope 1 (direct), Scope 2 (power-related), and Scope 3 (indirect) emissions. Scope 1 & 2 result from its core operations and the power it purchases to support those operations. Those are a critical first step. Most big companies have targets for reducing those emissions. The best ones have already neutralized them.
Scope 3 will be much bigger and more important but more challenging to tackle. It includes the Scope 1 & 2 emissions from all of their suppliers, the emissions from using their products, and even things like employee commutes. It's the complete evaluation of how much greenhouse gas is emitted yearly because the company exists. For example, banks’ scope 3 emissions include the pollution from the companies they lend to. They must work with their clients to invest in cleaner energy options to decrease those emissions.