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The US added a whole lotta jobs last month | Samsung turned into Samsunk |
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Hi Reader, here's what you need to know for January 9th in 3:09 minutes.

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Today's big stories

  1. The US economy added more jobs than expected in December, but it’s trending in the right direction
  2. Here's how to build a solid investing process in seven steps, no luck needed – Read Now
  3. Samsung’s preliminary results didn’t make for pleasant reading

Off To Work We Go

Off To Work We Go

What’s Going On Here?

Data out on Friday showed the US added more jobs than expected in December, but investors are hoping that slowing wage growth will let the Federal Reserve (the Fed) ease up on hikes.

What Does This Mean?

The Fed wasn’t messing around last year: it jacked up interest rates seven times in a bid to bring inflation to heel, and those dogged efforts are showing some more signs of denting the wild and wilful jobs market. Just look at December’s figures: sure, the month ended with 223,000 extra folk gainfully employed, about 10% more than experts predicted – but that was the fifth straight month that job growth eased, and the weakest uptick in two years. And that’s no wonder: although industries like healthcare and construction went on a minor hiring spree, others barely budged – and some even shed jobs. The real cherry on top is probably the fact that salary growth is cooling, with December’s wages up a lower-than-expected 4.6% on the same time last year.

Why Should I Care?

For markets: Soft touch.
That slowdown in wage growth will be welcome news for the Fed, but there's still a ways to go: after all, the unemployment rate did just unexpectedly drop to 3.5%, matching a 50-year low and far from the 4.6% the central bank forecasts it hitting this year. Still, investors are hopeful that Friday's data might tempt the Fed to slow hikes, and markets are already predicting a gentler, 0.25 percentage point increase next month – which might be why US stocks spiked after the news.

Zooming out: Double whammy.
Europe’s not faring so well though: the prices of goods and services there rose by a lower-than-expected 9.2% last month, but core inflation – which excludes volatile food and energy prices – actually hit an unexpected high. That’s got traders counting on 0.5 percentage point hikes from the European Central Bank in February and March.

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Analyst Take

Seven Steps That’ll Have You Investing Like A Pro

Seven Steps That’ll Have You Investing Like A Pro
Photo of Stéphane Renevier

Stéphane Renevier, Analyst

When you manage a fund, the first thing prospective investors want to know is how you generate your returns

Historical performance is important, sure, but even more vital is your investment process: that’s how you go from idea to implementation, and how you manage it all. 

See, luck can influence short-term performance, but it’s the strength of the investment process that determines long-term success. That’s true with your own investments too. 

So, that’s today’s Insight: seven things to think about as you create or refine your investing process. 

Read or listen to the Insight here

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Samsung Adrift

Samsung Adrift

What’s Going On Here?

Samsung Electronics reported some disastrous preliminary results on Friday.

What Does This Mean?

The due date for Samsung’s full quarterly results falls at the end of the month, but the firm likes to give investors a little sneak peek beforehand – and this time, the teaser wasn’t very appealing. Turns out the economic slowdown is hitting demand for electronics and chips harder than the firm expected, with consumers watching their wallets and corporate buyers working through the stock they’ve got piled in the storeroom. And to top it all off, Apple – one of Samsung's biggest chip buyers – was hit by a spate of production delays last quarter, producing gizmos at a snail’s pace during the crucial festive rush. The end result: Samsung's operating profit took a serious nosedive, plummeting a whopping 69% last quarter to mark a dire eight-year low.

Why Should I Care?

Zooming in: High-tech hubris.
Samsung isn’t just a victim of circumstance here. Many competitors took note of the glut in the memory-chip market and slashed production, but Samsung just had to be different: the Korean colossus actually upped output by 10% last quarter, in a madcap bid to boost its market share amid the general downturn hubbub. But all that tack seemed to do was tank Samsung’s average selling prices, and that’s got analysts thinking the firm will have to do a 180. After all, the goliath’s offerings are now for sale at close to their cost of production – and if they slip further, the firm could see its first quarterly chip loss since the days of the financial crisis.

The bigger picture: Oil of ill omen.
Samsung’s home country South Korea is a big dog in the worlds of tech and refined oil, and that means the nation’s also a handy barometer for global demand. And prospects aren’t great: recent data showed the country's imports pipped exports to the post for the first time in 14 years in December.

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💬 Quote of the day

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– Ingrid Bergman (a Swedish actress)
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🌪 Preparing Your Strategy For A Volatile 2023 And Beyond: 12pm, January 11th
🤑 Wealth Building Habits With Carl Richards And Helena Wardle: 5pm, January 11th
🙋‍♀️ Ladies Investing Club: 6.30pm, January 11th
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👀 And After That…

🌍 Investing 101: Where To Invest In 2023: 1pm, January 16th
💥 How To Spot The Best Long-Term Investments: 1pm, January 17th
📈 How To Hedge Against Volatility With Crypto: 5pm, January 19th
📑 The Risks And Regulations When Investing In Crypto: 10am, January 27th

🎯 On Our Radar

  1. Clutch those pearls. It’s time to admit that Boomers’ hot takes are often dead right.
  2. Forget the headsets. You can now get 3D laptops without the bulky, neck-straining VR glasses.
  3. Unsuitable Suits. Prince Harry was shaken by one particularly raunchy scene in his wife’s old series.
  4. What’s up with WhatsApp. The lean, green, texting machine is now fighting censorship too.
  5. Careful with that swab. Cops are arresting alleged criminals using DNA from ancestry test databases.
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