MARKET RECAP → The Dow Jones Industrial Average (DIA) snapped a three-day losing streak Wednesday as Treasury yields retreated from multi-year highs following a surprisingly weaker-than-expected jobs report from ADP. This comes after Tuesday’s strong JOLTS report which makes for a confusing read on the state of the US labor market.
SEPTEMBER JOB GROWTH UNDERWHELMS → Private payrolls edged up by just 89,000, a far cry from expectations, as the ADP report reveals a lethargic labor market, possibly dampening the broader economic recovery.
KAISER WORKERS STRIKE → 🚑 Over 75,000 Kaiser Permanente healthcare workers hit the picket lines in the largest U.S. healthcare strike, spotlighting deep-rooted staffing and safety concerns amidst a pandemic-worn industry, and shaking the nation’s largest non-profit healthcare organization.
Head of Investor Relations @ MoneyLion
Private payrolls in September grew by a meager 89,000, significantly undershooting analysts’ predictions, raising questions about the labor market’s resilience.
The ADP report for the same period emphasized the sluggishness of the employment recovery, casting doubts on the strength of the broader economic rebound.
These lackluster job figures signal potential headwinds for the ongoing economic recovery as the job market struggles to gain momentum.
Over 75,000 Kaiser Permanente workers, spanning various roles, initiated a significant strike across five states, citing unresolved disputes related to staffing levels and marking it as the largest healthcare workers’ strike in U.S. history.
The Coalition of Kaiser Permanente Unions emphasized the strike’s magnitude and targeted Kaiser facilities in multiple regions, including California and Washington, amidst ongoing negotiations and demands for improved pay, benefits, and substantial investments to address staffing shortages.
The strike underscores a broader tension within the labor market, particularly in healthcare, where workers are grappling with burnout, unsafe working conditions, and a perceived lack of support from administrations and communities, especially during the challenging times of the COVID-19 pandemic.
Biden cancels $9 billion in student debt for 125,000 borrowers (CNBC)
House ousts Kevin McCarthy as speaker, a first in U.S. history (CNBC)
Panic Creeps Up as VIX Curves Invert for First Time Since March (Bloomberg – paywall)
Google is launching a generative AI-enhanced version of Assistant (The Verge)
Kim Kardashian turned Skims into a $4 billion company. She wants to build the next generation of unicorns with SKYY Partners, her new private equity firm (Fortune)
Ford pickup truck sales lead third-quarter growth (CNBC)
McDonald’s and Wendy’s win false advertising lawsuit (CNN)
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)
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