It’s still hot—but not blistering. The US labor market remains robust with solid wage growth and a healthy demand for workers. Unemployment has ticked up, indicating some have re-entered the job hunt, a welcome sign for the Federal Reserve as it weighs September’s expected interest rate hike. Chair Jerome Powell emphasized the “out of balance” nature of the labor market last week while acknowledging that the combination of higher rates, slower growth and a softer employment picture will bring “some pain” as the central bank tries to get prices under control. While a so-called hard landing (otherwise known as a recession) is still being predicted in some quarters, the latest jobs data contain “favorable signs for the Fed’s Goldilocks scenario” of a soft landing, according to Bloomberg Intelligence. But there’s a third possibility, one that comes with an oxymoron for a moniker: it’s called a “growth recession.” 

The Group of Seven plans to put a price cap on global purchases of Russian oil—a measure top industrialized nations hope will ease energy market pressures and slash Moscow’s revenues as it continues its war on Ukraine. The European Union, facing a tough winter, is also planning short-term measures to limit soaring prices that threaten to tip the region into recession. In the US, California declared a grid emergency amid a heat wave, raising prospects for rolling blackouts.

After years of debate, Twitter is launching an edit button—but it will be available only to users who pay. Lawyers for prolific Twitter user Elon Musk, who is trying to abandon his bid to buy the social media company, subpoenaed Stanford University over communications tied to the deal. 

The Justice Department said there’s evidence classified documents at Donald Trump’s Florida home may have been concealed or removed before a June FBI visit. A viral photo shows some of the documents bearing labels denoting the highest levels of security classification. Half of Americans say Trump should be prosecuted as part of the intensifying criminal investigation into his handling of the nation’s secrets.

A photo of classified government documents found in Donald Trump’s Florida home, submitted as evidence by the Department of Justice in federal court in Florida. Source: US Department of Justice

Bank of America has launched a trial program aimed at helping first-time US homebuyers in Black and Hispanic neighborhoods by offering mortgages that don’t require down-payments, closing costs or minimum credit scores. Overall, mortgage rates continued to climb to their highest level since June. Amid skyrocketing housing costs in New York City, lawmakers and advocates there are urging action to make some 100,000 basement apartments safer from flooding.

Aspen has long been known as a top ski destination boasting exclusivity and cultural cachet. With the pandemic having made remote work more accessible to many, the tony Colorado city has become even wealthier thanks to an influx of finance power players.

Aspen, Colorado Photographer: David Williams

• US markets are closed for Labor Day.
• Britain’s new prime minister will be announced.
• The ECB is expected to raise rates with inflation above 9%.
• Apple is set to unveil the iPhone 14 lineup.
• First anniversary of Bitcoin becoming legal tender in El Salvador.

Single, Childless Women Are Getting Richer

Parenthood was losing its appeal long before Covid-19, and the hardship brought on by the pandemic appears to have accelerated the trend. Indeed, forgoing marriage and parenthood saves money, bringing a bigger payoff for American women than men. Women who decide not to marry and have kids are advancing further in their careers than prior generations—entering a new frontier of wealth. 

Ashley Marrero, a sales representative for a maker of medical devices, says she relishes the financial freedom that comes with being single and without children. Photographer: Ben Sklar

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