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Wednesday's Scoop: Flying 🌤️
Salesforce CEO pay rejected & Google's emissions explode
Scoops Team
July 03, 2024
Hey friend - there will be no scoops tomorrow due to the July 4th holiday. Insiders, there will be no Weekly Scoop on Friday. We’ll be back with all your content on Monday!
Also - we pushed our IG Live chat to Friday at 11 am EST. Tune in to learn more about Future and the sustainable spending competition!
Enjoy the 4th, and don’t lose any fingers!
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Here’s what you need to know today to inform your work, spending, and investments:
🌎 Big picture
Layoffs have started creeping higher
US manufacturing remains in a slump.
The core of the economy slumped unexpectedly in June.
How are you feeling about the economy? |
💼 Work trends
Unemployment Rate: 4.0%
Still near the lowest rate in 50+ years
Layoffs have started creeping higher. According to the Labor Department, initial jobless claims rose 4,000 to 238,000 last week, though still not far from the range of the past year. Recurring claims for unemployment benefits have increased for nine consecutive weeks, indicating more people are having difficulty finding new jobs. The number of people on jobless rolls reached a 2.5-year high towards the end of June. Despite this, the job market remains historically strong, though not as good as in 2022 and early 2023. We’ll get more details in the official June jobs report on Friday.
🤓 Inside Scoop: What do investors watch to understand the jobs market?
There are four main reports people watch to understand trends in the labor market.
The main "jobs report" comes from the US Bureau of Labor Statistics on the first Friday of each month. It highlights the unemployment rate, new jobs added, and wage growth.
The Labor Department also releases the Job Openings and Labor Turnover Survey (JOLTS) each month but with a one-month lag. That report helps us understand the number of open positions, the number of people who quit their jobs, and the number who were hired.
There's also a monthly private-sector survey from payroll services company ADP that doesn't include government jobs and the weekly initial unemployment claims (a proxy for layoffs) report from the Labor Department.
US manufacturing remains in a slump. The sector contracted for the third consecutive month in June, marking the 19th contraction in the last 20 months, according to the latest Institute of Supply Management report. New orders improved slightly last month, but production and employment declined. However, a drop in prices paid for inputs to a six-month low suggests inflation might be cooling off. Despite some growth in industries like primary metals and chemical products, key sectors such as machinery and transportation equipment continue to struggle. Manufacturing has been in a recession for almost two years, but it makes up only about 10% of the economy.
The core of the economy slumped unexpectedly in June. The Institute of Supply Management reported the US services sector contracted in June, marking the second contraction in three months. Business activity contracted for the first time since May 2020, and new orders fell for the first time since December 2022. Employment has slowed for six out of the past seven months. While supplier deliveries slowed, the overall decline in business activity and new orders points to a cooling services sector that drives most of the US economy.
📈 Investment trends
The Market: ⬆️ +0.5%
S&P 500: 5,537.02
1Mo: +5% | 1Yr: +24% | 5Yr: +85%
The market floated to another record high on Wednesday as investors celebrated more signs of a slowing economy, hoping that means the Federal Reserve will soon ease up on its policies restricting business activity.
🏭 Companies worth watching
👍👎 APPROVAL RATINGS
Vote and practice your board member voice. It accelerates your comprehension and comfort with these topics. (+2 pts)
 Salesforce | Bonus Denied Salesforce shareholders rejected the company's executive compensation plan, citing concerns about the CEO's $39.6M pay package despite a year of strong stock, profit, and sales growth. The CEO is already among the software giant's largest shareholders, with a stake valued at close to $6B.
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 Alphabet | More AI, More Emissions Google's carbon emissions surged 13% last year, up nearly 50% since 2019, primarily due to massive energy consumption from data centers needed for artificial intelligence. The tech giant aims for net-zero emissions by 2030 but faces challenges with greater demand for AI integration.
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💭 Broader perspectives… (+ 2pts)
How often do you use AI tools? |
 American Airlines | Hydrogen Lift American Airlines agreed to purchase 100 hydrogen-electric engines for regional planes as early as 2027, potentially eliminating carbon pollution from its flights through clean-burning hydrogen power. The airline aims to reduce its greenhouse gas emissions to net zero by 2050.
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 Eli Lilly | Alzheimer's Advancement Regulators approved Eli Lilly’s Alzheimer’s treatment that slows disease progression by 35% over 18 months, marking a significant step forward for nearly 7M affected Americans. The drugmaker plans to price the treatment at $12,522 for a six-month program.
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 Walmart | Register Rip-Offs One of the world's largest retailers, Walmart, is facing a lawsuit alleging it charges higher prices at checkout than on shelves, costing consumers millions annually. Walmart's practices have violated several states' consumer protection laws and could impact its reputation for low prices.
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🛠️ Recommended resources (+2 pts)
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