Bloomberg - Evening Briefing - Soft landing sighted?

The US labor market showed fresh signs of resilience on Thursday, as private hiring surged, layoffs slowed and filings for unemployment benefits stayed relatively low. US companies added almost half a million jobs last month, the most in over a year, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. A separate report showed announced job cuts by US employers fell in June to an eight-month low.

That was also evident in the latest report on job openings. Vacancies declined in May—unwinding much of an April surge and indicating labor demand and supply are coming more into balance. The quits rate, however, rose by the most in nine months, indicating workers still feel confident in their ability to secure another job. “The labor market isn’t always going to be this strong. Recessions happen,” Nick Bunker, research director at Indeed Hiring Lab, said in a note. “But today’s data and data from the past several months continue to make a soft-landing scenario increasingly likely.” —David E. Rovella

And like clockwork, good news for American jobseekers was greeted with cries of agony on Wall Street. With more Fed rate hikes all but certain given the hot jobs numbers, traders on Thursday headed for the exits. “The strength of the US labor market is almost unbelievable and this should further push out any concept of a possible recession,” said Scott Ladner, chief investment officer at Horizon Investments. “But, it should also push out of the market any hopes of a Fed rate cut during 2023.” Here’s your markets wrap.  

It looks like Mark Zuckerberg is coming for Elon Musk’s lunch. The godfather of social media tweeted for the first time in more than a decade, and it probably wasn’t a coincidence that the Meta and Facebook co-founder just rolled out a much-anticipated Twitter substitute. As Musk’s flailing platform tumbles from self-induced crisis to crisis, more than 30 million users signed up for Zuckerberg’s new app. Meta’s Instagram officially unveiled “Threads” on Wednesday, considered the most potent threat yet to the struggling Twitter. Here’s our comparison of the two apps.

Elon Musk and Mark Zuckerberg Source: Bloomberg

As Beijing struggles to slow its economic slide, China Premier Li Qiang pledged to “spare no time” in implementing a batch of targeted policies to boost an economy laid low by the pandemic. The remarks match the expectation of private-sector economists who have been predicting China will stop short of all-out stimulus measures to address the slowdown. 

Ukraine has caught up with Russia when it comes to tanks. New data on military aid to Ukraine highlights a significant change in the balance of heavy weapons on the nation’s battlefields after more than 16 months of war. 

Canada is bracing for higher-than-normal wildfire activity to continue into August, as soaring temperatures and drought turn much of the country’s vast forests into kindling. The Canada fire season, which normally runs from April to September, is barely half over but the country has already surpassed the modern historical record. 

Lebel-sur-Quevillon in Quebec, Canada, on June 23 Photographer: Anadolu Agency

There were good reasons to avoid products with the artificial sweetener aspartame even before the World Health Organization classified it as a “possible carcinogen” last week, F.D. Flam writes in Bloomberg Opinion. But now diet soda drinkers might really want to put down the can.

It took a global pandemic to force municipal leaders to begin deprioritizing cars. As the economic fallout of Covid-19 continues to manifest itself, mayors and city councils are scrambling for ways to bring back foot traffic. One way is to get rid of cars. From Manhattan to San Francisco, the need to rethink the urban core is encouraging business improvement districts to finally change their tune: Now they’re making ever-more room for pedestrians, bicyclists—and in New York, congestion pricing.

A car-free section of Broadway in New York’s Manhattan, where efforts to expand bike infrastructure and car-free space are growing. Photographer: Liu Yanan/Xinhua via Getty Images

• Vladimir Putin’s rebel mercenary chief may be back in Russia.
• US President Joe Biden sends cluster munitions to Ukraine.
• Bloomberg Podcast: NATO reinforces itself against Kremlin forces.
• Musk ultimatum to Taiwan imperils push for a war-proof internet.
• Birkenstock owner considers an IPO worth more than $6 billion.
• The US is building factories again. But who will work in them?
• Why converting New York City offices to apartments is so hard.

Richard Branson nearly gave up on his dream of turning a tired finca on the northern coast of Mallorca into an ultra-luxury hotel. In 2002, after several years of fighting with local authorities over planning permissions, he sold the crumbling, 16th century building. The project nagged him for years. Then the billionaire repurchased the property in 2015 to assemble an expanse of 1,300 forested acres along three miles of glittering coastline. With permits in hand, construction began in 2021. Now, after more than two decades, Branson’s estate has finally opened its doors to guests as one of the most anticipated new hotels of the year.

Branson’s Son Bunyola Source: Virgin Limited

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