November 08 (Tuesday)
Latest Morning Briefing Executive Summary: On Labor, Productivity & Wages
For a variety of reasons, there’s a severe mismatch between the demand for and supply of labor in the US. That’s created a maelstrom in the market, with extraordinary levels of turnover: One third of payroll employees have quit their jobs over the past 12 months, most for higher-paying ones. That’s driving up wage inflation and driving down productivity. … But we still expect productivity to recover this decade as businesses react by investing in productivity-boosting technologies—our “Roaring 2020s” scenario. … While the latest data show some moderation in wage inflation, it probably won’t continue to moderate sustainably until turnover subsides.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on November 7.
Markets
U.S. stocks end higher, Meta jumps as investors eye midterms | R
Stocks Rise Ahead of Midterms, Inflation Data | W
China reopening hopes keep dollar on guard | R
Column: Rebound in China crude oil imports less impressive than it looks: Russell | R
Energy
EU Energy Crisis Sparked by Ukraine War to Create Blackouts in Poor Countries | B
Sanctions on Russian Energy Loom Over Oil Market | W
Central banks
Fed announces another rate hike. But inflation is even more painful. | USA
Fed Will Stick to the Task of Curbing Inflation, Thomas Barkin Says | B
Despite What You’re Told, There Are No ‘Bubbles’ and Certainly No ‘Fed Bubbles’ | FO
BOJ debated impact of future exit from easy policy amid rising prices | R
US
Homeowners have lost over $1 trillion in equity since May | C
Inflation Strains Voters Across Income Levels Ahead of Midterm Elections | W
More Professionals Need to Get Second Jobs Because of Inflation | W
Biden warns on risk to democracy, Trump hints at another run on eve of midterms | R
Musk encourages independents to vote Republican ahead of midterms | C
China
China Weighs Gradual Zero-Covid Exit but Proceeds With Caution, Without Timeline | W
Guangzhou’s COVID outbreak deepens as more lockdowns loom in China | R
China’s Exports Drop Sharply as Global Economy Slows | W
Who Is Li Qiang? What Does Xi’s New No. 2 Mean for China? | B
China’s super-rich see fortunes plunge as economy slows | R
Geopolitics & trade
From Teslas to BMWs, cars are piling up on land and sea at German port | C
Germany likely to block Chinese takeover of Elmos’ chip production | R
Corporate finance
Foxconn to become biggest shareholder in Lordstown Motors with up to $170 mln investment | R
Walgreens Unit to Buy Summit Health | W
Beyond markets
Covid’s Drag on the Workforce Proves Persistent. ‘It Sets Us Back.’ | W
