Tuesday's Scoop: Shaken🌤️

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Here’s what you need to know today to inform your work, spending, and investments:

1. Job openings are on the rise again.

2. The manufacturing sector is still in a slump.

3. US dockworkers are officially on strike, and it could mean higher prices.

Unemployment Rate: 4.2%
^{Relatively normal, low}

Job openings are on the rise again. The Labor Department’s latest Job Openings and Labor Turnover Survey (JOLTS) report revealed that US job openings jumped by 329,000 in August, bringing the total to 8.04 million after two months of declines. That means there are still about 1.13 job openings for every unemployed person, showing that employers in many industries are still looking for workers. The construction sector led the increase in openings. Layoffs declined further, but resignations dropped to their lowest level in four years, indicating that employees are becoming more cautious about switching jobs. Overall, the job market is still pretty solid.

US manufacturing is still in a slump. According to the Institute for Supply Management, the manufacturing sector contracted for the sixth straight month in September. Manufacturing, which makes up about 10% of the US economy, has been hit hard by reduced consumer spending on goods. Orders and output continue to shrink. Extended strikes at Boeing and US ports could further stall the sector.

Dockworkers have officially shut down major ports across the East and Gulf Coast. A massive strike by 45,000 workers demanding better pay has halted about half of the nation's ocean shipping, threatening to disrupt the flow of goods and cost the US economy as much as $5 billion daily. The International Longshoremen’s Association began the walkout after negotiations with the United States Maritime Alliance collapsed over wage disputes and automation concerns. This marks the first major strike by the union since 1977, affecting 36 ports from Maine to Texas. Most major retailers had been preparing for this, ordering fall and holiday products in advance. If the strike extends multiple weeks, we could see prices of goods start to climb.

The Market:⬇️ -0.9%
S&P 500: 5,708.75
1Mo: +3% | 1Yr: +33% | 5Yr: +93%

The market sank lower on Tuesday as investors worried that the escalating conflict in the Middle East would further destabilize the region and affect the global economy. Oil prices and defense company stocks climbed.