Archive for July, 2021

• June Jobs Report
  Eddy Elfenbein, July 2nd, 2021 at 8:33 am

  The jobs report is out. Last month, the U.S. economy created 850,000 new jobs. The consensus was for 706,000.

  The private sector added 762,000 jobs. The unemployment ticked up to 5.9%.

  Average hourly earnings rose 0.3%. In the last year, average hourly earnings are up 3.6%.

  Underemployment is 9.8% and the labor force participation rate was 61.6%. The latter figure has barely budged.

  Hospitality continued to be the prime beneficiary of the reopening as workers returned to jobs at bars, restaurants, hotels and the like.

  The industry notched a gain of 340,000 amid easing restrictions across the country. That total included 194,000 in bars and restaurants, but still left the sector 2.2 million shy of where it was in February 2020 before the pandemic began.

  Other notable gains came in education, which totaled 269,000 across state, local and private hiring, while professional and business services increased by 72,000 and retail added 67,000.

  The other services industry added 56,000 jobs, including a gain of 29,000 in personal and laundry services, a subsector that has been seen as a proxy for the resumption of normal business activity. Social assistance added 32,000, while wholesale trade contributed 21,000 to the total and mining grew by 10,000.

  Manufacturing edged up 15,000 for the month, though construction lost 7,000 positions despite a sizzling housing industry where new building has been held back by supply shortages and what had been soaring lumber prices before the recent plunge.

  Here’s the updated chart of nonfarm payrolls.

  

  We’ve created a lot of jobs but we still have a long way to go.

• Morning News: July 2, 2021
  Eddy Elfenbein, July 2nd, 2021 at 7:01 am

  Oil Holds Near $75 as Brinkmanship at OPEC+ Threatens Deal

  U.S. Proposal for 15% Global Minimum Tax Wins Support From 130 Countries

  Budget Deficit Projected to Hit $3 Trillion as Pandemic Spending Buoys Economy

  Halfway Through 2021, the Hot Stocks Are Old-Fashioned

  World’s Top Pension Fund Books ‘Historic’ $339 Billion Gain

  China and Hong Kong Stocks Tumble After ‘Broken Heads and Bloodshed’ Speech from Xi

  U.S. Toymaker Doubles Down in China Despite Rising Costs, Political Tensions

  Didi Opens Door for More Tech IPOs Beyond China. Where Emerging Market Investors Should Look.

  Dogecoin Whale? Robinhood IPO Filing Reveals Dogecoin as One of its Biggest Risk Factors

  Rumors of the Demise of Cars Have Been Greatly Exaggerated

  ‘Shocked’ Mitsubishi Electric CEO to Quit Over Data Deceit

  New Saudi Airline Plan Takes Aim at Emirates, Qatar Airways

  The FTC Just Took a Step That Could Make It Easier to Go After Amazon

  Amazon Revises Corporate Values Days Before Bezos Steps Down

  Bezos’ Exit Is One of Many Among Amazon’s Top Ranks

  Jeff Bezos Is Headed To Space. Richard Branson Decided To Beat Him There

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• Jobless Claims Drop to 364,000
  Eddy Elfenbein, July 1st, 2021 at 1:44 pm

  I like the initial jobless claims report, but it tends to be “noisy.” It can bounce around a lot. Two weeks ago, it rose from 374,000 to 418,000. Then last week, it edged down to 415,000. Today’s report was 364,000. That’s another pandemic low.

  

  This morning’s ISM Manufacturing report came in at 60.6. That was just below expectations of 61. That’s the lowest since January. That’s still a solid number. Any number above 50 means the factory sector is expanding.

  The expectation for tomorrow’s jobs report is that the unemployment rate fell to 5.6% and that the U.S. economy created 704,000 net new jobs. The report is due out tomorrow morning.

• Morning News: July 1, 2021
  Eddy Elfenbein, July 1st, 2021 at 7:04 am

  European Factories Racing As Asian Manufacturers See Momentum Weaken

  Ghosts of Crises Past Haunt Policymakers and Markets

  A Housing Frenzy Is Sparking Bidding Wars From New York to Shenzhen

  Averting Inflation Crisis Turns on Something Fed Doesn’t Control

  Amazon Says the New F.T.C. Chair, Lina Khan, Should Recuse Herself from Investigations

  Biden’s Big Business Crackdown Bad for Wall Street Behemoths

  An NFT of the World Wide Web Sells for $5.4 Million

  At Monterey Car Week, the Sheet Metal Shines

  Car Market Is Expected to Cool Amid Dearth of Vehicles on Lots

  Nissan Bets on UK ‘Renaissance’ With Battery Plant and New Vehicle

  Lockheed Wins $5.5 Billion Swiss Warplane Deal

  Robbing the Xbox Vault: Inside a $10 Million Gift Card Cheat

  Robinhood Is Fined $70 Million Over Misleading Customers and System Outages

  Robinhood Looks Beyond Its Big Fine

  Shortage of Truck Drivers is Behind Fuel Delivery Delays, Says GasBuddy Analyst

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