Tuesday's Scoop: Stumble🌤️

Hey friend - the mist has taken over NYC right now. I hope you’re enjoying some clearer skies.

Premium Insiders - be on the lookout for another Scoop app update! We’ve added a new refresh function and a revamped Discover page with company rankings.

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

1. The economy showed signs of slowing in February.

2. Americans are feeling much better about the economy than last year.

3. Global emissions hit a new record in 2023.

Unemployment Rate: 3.7%
^{Still near the lowest rate in 50+ years}

The US economy showed more signs of slowing in February. Two reports from the Institute for Supply Management indicated a continued contraction in the manufacturing sector and a growth slowdown in the much larger services sector last month. Both were driven by lower employment activity, which raises concerns about the job market. However, production and new orders increased across the services industry, which makes up most of the US economy.

Inflation Rate: +3.1% (YoY), +0.3% (MoM)
^{Policymakers aim for 2% YoY inflation.}

Americans lost a little optimism in the economy this month but feel much better than last year. The Michigan Consumer Confidence Index fell slightly this month after three consecutive months of improvement. Fears of a potential recession have resurfaced amidst layoff announcements, waning savings, and high grocery costs. People are a little less worried about inflation, which is good. Inflation expectations can be self-fulfilling. Consumers power two-thirds of the economy, so economists monitor sentiment closely. Overall, confidence is up 15% over the past year.

Global Energy Emissions: 37.4 billion tonnes of CO₂
^{An all-time high, up 1.1% from 2022. (IEA)}

Global fossil fuel pollution rose to a new record last year as droughts hampered hydropower production. The International Energy Agency reported a 1.1% increase in global emissions from energy use from 2022, driven by a rebound in the air travel industry, the reopening of China’s economy from lockdowns, and the use of fossil fuels to replace energy lost from hydropower plants amidst extreme drought. Without the effect of droughts, global emissions would have fallen. An international expansion of renewable energy use helped curb pollution across major economies, with emissions declining by 4.1% in the US and 9% in the European Union last year. China expanded its solar and wind capacity more quickly than anyone in 2023, but a sharp increase in commerce from the world’s second-largest economy increased emissions.

The Market: ⬇️ -1.0%
S&P 500: 5,078.65
1Mo: +3% | 1Yr: +25% | 5Yr: +85%

The market sank lower today as investors harbored concerns about a slowing economy. Target's update today reflected a common trend that efficient cost-cutting has helped boost profits, but sales keep sinking.