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Hey friend - it’s almost Friday, and it snowed here in NYC today.
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Here’s what you need to know today…
Big Picture
Layoffs keep rising.
American wealth took a hit last quarter.
Consumers and businesses have dialed back on borrowing.
The Market: ⬆️+0.8%
S&P 500: 4,585.59
1Mo: +5% | 1Yr: +16% | 5Yr: +76%
The market bounced after three days of negativity. Everyone will be watching the jobs report tomorrow to evaluate the next direction of this economic slowdown.
Layoffs keep creeping higher. The Labor Department reported initial jobless claims increased last week to 220,000 - still normal, but almost concerning. The number of people receiving unemployment benefits for consecutive weeks fell for the first time in weeks, averaging near its highest level in two years. Another report from coaching firm Challenger, Gray & Christmas said planned corporate layoffs rose 24% from October. The job market has been excellent by most measures, with near-record unemployment, but recent figures have indicated slower hiring and more layoffs. Tomorrow’s jobs report will be important.
American wealth shrank last quarter. The Federal Reserve reported US household wealth dropped by $1.3 trillion in the third quarter, primarily driven by a decrease in the value of stocks. While stock portfolios suffered losses, home values increased to record highs. Americans’ cash savings declined for a sixth consecutive quarter.
Consumers and businesses have dialed back their borrowing amidst higher interest rates. The Fed’s third-quarter wealth report revealed a slowdown in mortgage borrowing and corporate debt issuance. That trend continued into October for consumers. According to the Federal Reserve’s Consumer Credit report, borrowing growth slowed to a 1.2% annual rate in October, compared to a 3% rate in September. The lack of dependence on credit cards is a good sign for consumer health and financial responsibility.
How are you feeling about the economy? |
Company Scoops 🗣️🌎💰
💡Join the board at America’s biggest companies. Vote and judge their decisions.
 ExxonMobil | Greener Solutions ExxonMobil won't decrease fossil fuel production but plans to increase investment in ways to reduce pollution through carbon capture, biofuels, and energy storage. The oil giant plans to invest $20B over five years in low-carbon solutions. |
 GameStop | Game of Risk GameStop plans to let its CEO use its $900 million cash reserve to make higher-risk investments in other companies' stocks, a rare divergence from corporate standards. The videogame retailer has struggled with its transition to e-commerce. |
 General Motors | Hydrogen Trucks GM and Autocar are teaming up to develop hydrogen-powered heavy vehicles like cement mixers and waste trucks with zero tailpipe emissions. The automaker sees greater demand for hydrogen fuel cells over batteries to power heavy vehicles. |
 Dollar General | Slow Sales Dollar General reported declining same-store sales as shoppers cut back and more of its inventory went to waste. The low-cost retailer replaced its CEO in October and plans a large-scale expansion of 800 new locations and remodels. |
 Thermo Fisher | Green Plan Thermo Fisher plans to power all its US sites with renewable electricity by 2026 and achieve 80% globally by 2030, cutting its operational and power emissions in half. The health tech provider is committed to reaching net-zero emissions by 2050. |
(These links only work for 24 hours while the story is live.)
Inside Scoop 🤓
Why is carbon capture getting so much attention?
Amidst growing climate concerns and awareness of fossil fuel emissions’ acceleration of global warming, corporate and political leaders have been looking for ways to reduce new pollution and remove greenhouse gases from the air. Read more here about capturing carbon pollution from the atmosphere.
Carbon capture efforts have been mainly focused on either Direct Carbon Capture technology that sucks the greenhouse gases out of the air where the emissions are created, like at a factory or refinery, or broader projects that remove existing carbon dioxide from the atmosphere. Those broader projects include natural processes like planting or preserving forests, mangroves, or other plants to convert carbon dioxide into oxygen from the air. They also include burgeoning technologies that work like big air filters.
Carbon capture is a commonly cited method by the fossil fuel industry to reduce emissions, though it is costly, time-consuming, and must be situated at emission sources. Therefore, it’s reliant on major emitters for funding, maintenance, and reporting. Despite its potential, the process can emit other greenhouse gases, and its byproducts may be reused in fossil fuel production, necessitating scrutiny to ensure it's more than just corporate greenwashing.
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