Wednesday's Scoop: Drowsy☀️

Hey friends - wow, this is it! This is our last daily scoop email.

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

1. Layoffs are low, but it’s getting harder to find a job.

2. Americans keep spending enough to support the economy.

3. Personal income surged last month, helping people save more.

Unemployment Rate: 4.1%
^{Relatively low, but up from 50-year lows}

Layoffs remain low, but finding a new job is getting tougher. The Labor Department reported that initial jobless claims fell to 213,000 last week, the lowest level since April, indicating that companies aren't cutting many positions. However, the number of people continuing to receive unemployment benefits rose by 1.907 million, the highest level in three years, suggesting that unemployed workers are finding it harder to secure new jobs. This is a good sign for job security, but if you're job hunting, be prepared for a potentially longer search.

Americans keep spending enough to support the economy. The Commerce Department confirmed that the real Gross Domestic Product (GDP) grew at a 2.8% annual rate in the third quarter, unchanged from its initial estimate and only slightly slower than the 3.0% growth pace from April through June. Consumer spending accounts for over two-thirds of economic activity and grew at a robust 3.5% during the quarter. More business investment helped offset slight declines in government spending and exports. This pace of growth and spending is well above what policymakers consider normal for a mature economy like ours. Individuals and businesses haven’t yet been stalled by high borrowing costs.

Inflation Rate: +2.6% (YoY), +0.2% (MoM)
^{Policymakers aim for 2% YoY inflation. (October CPI)}

Americans' incomes jumped in October, helping them save more despite high living costs. In October, the Personal Consumption Expenditures (PCE) price index, policymakers’ preferred inflation gauge, rose 0.2% from September and 2.3% over the past year. Core PCE inflation, which excludes more volatile food and energy prices, increased 0.3% monthly and 2.8% annually. The higher prices didn’t deter spending. Personal spending grew 0.4% thanks to a big jump in personal income of 0.6%, nearly double what economists expected. The extra income helped individuals build savings, with the personal saving rate rising to 4.4%. October was the first month in a while that people’s incomes grew faster than their spending. If wages can continue outpacing the rising cost of living, it should provide more relief to families and support to the economy.

The Market: ⬇️-0.4%
S&P 500: 5,998.74
1Mo: +3% | 1Yr: +32% | 5Yr: +91%

The market drifted lower on Wednesday as investors signed off for the Thanksgiving holiday. Markets will be closed on Thursday and end early on Friday. Economic data this week pointed to steady shopping, low layoffs, and inflation under control. Investors are looking toward November's jobs report next week to provide greater insight into whether hiring has really slowed as much as it seems.