Hi! What do Jared Kushner, Kylie Jenner, Sam Altman, and Oprah have in common? Not a lot, but they all got the call-up for Jeff Bezos and Lauren Sanchez's Venetian wedding this weekend. Today we're exploring: |
- Inbetweeners: Ongoing jobless claims just hit their highest point since 2021.
- Grexit: Goldman Sachs sold the Greek hotels it bought just three years ago.
- Sense of WON-der: "Squid Game" routinely gets Americans Googling Korean currency.
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More Americans are out of work longer, as employers hold back on both hiring and firing |
America's job market is in a "hire less, fire less" mode — and even that "fire less" part might not last. According to the US Labor Department, continuing jobless claims — the number of people still collecting unemployment benefits after their first claim — rose to 1.97 million for the week ending June 14, their highest level in more than 3.5 years. Meanwhile, initial jobless claims (a proxy for new layoffs) remained stable. Taken together, these trends point to a cooling job market: workers aren't being laid off en masse, but when they are, it's taking longer to land new roles. |
Indeed, job seekers are already feeling the squeeze. Per the latest Conference Board survey, the share of consumers viewing jobs as "plentiful" just fell to a four-year low, and it's not just a hunch, either. A June report from Indeed Hiring Lab shows that monthly job gains in the US have consistently lagged behind the 2019 average for the past three months. Now, only 52% of sectors are hiring above prepandemic levels, down from ~75% in early 2024. Simultaneously, employers are holding on to existing staff, reflecting a kind of labor market freeze rooted in caution rather than confidence. In fact, consumer spending dipped for a second month in May, with retail sales posting their sharpest monthly drop in two years. That's not a great sign for future hiring. Still, Fed Chair Jerome Powell said last week that the labor market remains "solid" with conditions "at or near maximum employment." But as businesses face growing cost pressures from ever-looming tariffs, they may soon be forced to cut headcount, Richmond Fed President Tom Barkin warned, declaring that "the current low hiring, low firing environment might come under threat." |
Goldman Sachs is backing out of its plans for a Greek hotel business |
As summer finally starts to unfurl, the idea of escaping to an idyllic Mediterranean paradise with sandy beaches and clear seas becomes even more appealing than usual. Goldman Sachs, though, doesn't feel the same way, wrapping up its Greek hotel business before it's even properly underway, per exclusive Wall Street Journal reporting. |
The investment banking giant purchased three resorts in Halkidiki on the Greek mainland just three years ago, buoyed by cheap property prices, the nation's economic recovery, and the hoards of tourists who descend on the European hotspot each year. However, the costs to renovate the hotels rose higher than Goldman had anticipated — and feeling that its plan to revamp the properties and sell them for a tidy profit was taking too much time and money, the company sold this spring. The bank barely broke even on the ~€100 million ($117 million) it sank into the project, sources told the Journal. Though Goldman's Greek odyssey wasn't the success story it had hoped for, as the behemoth continues its efforts to diversify the business beyond Wall Street, millions of people are still flocking to the island nation, even if they won't be stopping in a Sachs-backed suite anytime soon. |
European locals in picturesque countries blessed with incredible weather and amazing cuisine might not (read: definitely don't) like it, but more and more people are flocking to their home nations to sample a taste of the Mediterranean lifestyle. Indeed, as authorities looked to combat overtourism, Greece welcomed a record 40.7 million tourists last year — almost 3x as many as it did as recently as 2006 — adding a whopping €21.6 billion ($25.3 billion) to the economy. |
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The final season of "Squid Game" has got America looking into the Korean won again |
The final season of "Squid Game" was released on Friday, and continued its perfect track record of prompting many Americans to do something they don't always: show interest in another country. Google Trends data shows that searches for "Korean won" spiked after the third season of Netflix's hit show dropped, just as they did for seasons 1 and 2. |
The first season of "Squid Game" was Netflix's top show ever, with users spending 1.65 billion hours watching the show in its first 28 days. Still, the macabre thriller still keeps its viewers turning from one screen to a smaller one to figure out how much Seong Gi-hun and his fellow competitors stand to make. Searches for "45.6 billion" — the total prize pool for "Squid Game" in Korean won — also pop on the launch of every season. …to answer your question, it's about $33.6 million. |
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- On average, Americans parked a record 7.7% of their paycheck in employer-provided retirement plans in 2024, per Vanguard's latest "How America Saves" report.
- Total botball: China just hosted the world's first AI-powered robot soccer matches as part of a 3-v-3 tournament in Beijing on Saturday.
- The "F1" movie starring Brad Pitt roared its way to a $55.6 million domestic debut over the weekend, delivering Apple's first box office hit — why that could be huge for the motorsport.
- Berkshire Hathaway billionaire Warren Buffett announced he'd donate $6 billion worth of stock to 5 foundations on Friday, taking the total he's given them since 2006 to around $60 billion.
- Re-tailed off: Temu's ad spending in the US dropped 87%, and Shein's fell 69% in the past three months compared with the same period last year.
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- Reuters looks into the often undiagnosed or misdiagnosed phenomenon of period loss.
- Important work: The BLS breaks down average employment and wage figures for the occupations of US "Survivor" winners.
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Off the charts: Which storied British festival wrapped up yesterday with a Sunday night headline performance from Olivia Rodrigo? [Answer below]. |
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