Good morning. It's Thursday, Aug. 22, and we're covering a change to jobs data, magma oceans on the moon, and much more. First time reading? Join over 3.8 million intellectually curious readers. Sign up here. |
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The US government reduced the estimated number of annual jobs added by 818,000 yesterday. The new figure, still preliminary, suggests 2.1 million jobs were added from April 2023 to March 2024, a 28% revision from the 2.9 million previously reported.
Annual revisions have recently averaged about 173,000 jobs added or subtracted and come as the Bureau of Labor Statistics reconciles preliminary survey data with later-to-come state unemployment records (see 101). This year's adjustment is by far the largest over the past decade; the next largest was for the year ending in March 2019, with job growth revised down by 489,000. Hospitality, retail, and professional services saw the largest downward revision yesterday, though almost all sectors saw drops.
The new data suggest job growth began to cool earlier than previously believed. They also reinforce expectations the Federal Reserve will lower interest rates next month. Finalized figures are expected in February. |
A Sea of Magma on the Moon |
Soil tests of the moon's south pole conducted by India's trailblazing Chandrayaan-3 mission last August confirmed theories the moon was once covered in magma, according to new research yesterday. The study builds on mineral tests from NASA's Apollo era, where similar tests indicated the presence of magma in the crust at the moon's equatorial regions.
The lunar magma ocean theory builds on the hypothesis a Mars-sized planet collided with Earth 4.5 billion years ago, releasing a massive debris field, which coalesced into a magma-covered moon. As denser minerals sank in the roughly 100-mile ocean, lighter so-called anorthosites rose to the surface. Chandrayaan's Pragyan rover identified a variety of anorthosites at the moon's south pole as it traversed more than 300 feet over two weeks not far from the moon's largest crater, the South Pole-Aitken Basin (see images).
Chandrayaan-3 became the first rover to successfully land at the moon's south pole. India is one of four countries to have landed a spacecraft on the moon, alongside China, Russia, and the US. |
Chick-Fil-A Spreads Its Wings |
Chick-fil-A is planning to launch its own streaming service this year, a report from Deadline revealed yesterday.
The fast-food company’s platform would be marketed as family-friendly, with an emphasis on reality television. The company has reportedly placed a 10-episode order for a game show from the companies behind NBC’s “The Wall” and 2015 Oscar-winning film “Spotlight.” Budgets for other reality TV programs are estimated at $400K per half-hour. The company is also reportedly looking to develop scripted and animated projects. The news comes after Chick-fil-A posted a job listing last year for an entertainment producer.
If Chick-fil-A pursues the project, it would follow other crossovers into media: Lyft last year launched a gameshow on its YouTube channel and Airbnb produced a 2019 documentary.
Chick-fil-A operates over 3,000 restaurants in the US, reportedly bringing in over $21B in revenue last year. The company leads the fast-food chicken industry in systemwide sales. |
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Sports, Entertainment, & Culture |
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> Al Attles, Basketball Hall of Famer who was one of the first Black head coaches in the NBA, dies at 87 (More) | Fitness guru Richard Simmons' July death revealed to have been accidental due to complications from "recent falls and heart diseases" (More) |
> U2 announces "V-U2," an immersive concert film of the band's recent residency at the Sphere in Las Vegas; it is the first film shot with the Sphere's "Big Sky" high-resolution camera (More) |
> Social media influencer Andrew Tate's home in Romania raided amid allegations of human trafficking and money laundering; Tate is already awaiting trial on separate rape and human trafficking charges (More) |
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> First direct imaging of valence shell electrons—the outermost electrons circling an atom, responsible for most chemical bonding—made; approach may lead to new pharmaceutical products and consumer goods (More) |
> Brazil begins construction on Latin America's first maximum-security bio lab; facility will study some of the world's most dangerous pathogens native to the region (More) | Biosafety levels explained (More) |
> Researchers discover new way the body clears dead cells from tissue; study identifies how hair follicle stem cells sense and identify which nearby cells are dying (More) | Stem cells 101 (More, w/video) |
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In partnership with EnergyX |
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> US stock markets close higher (S&P 500 +0.4%, Dow +0.1%, Nasdaq +0.6%) after summary from Federal Reserve's policy meeting last month spurs hope for September rate cut (More) |
> Ford Motor to cancel three-row electric SUV, expects to record roughly $1.9B in related expenses; also delays electric version of its bestselling F-150 pickup (More) | Japanese tobacco company JT Group, which also owns Camel outside the US, to buy Vector Group for $2.4B (More) |
> Federal judge strikes down Federal Trade Commission rule banning most US employers from using noncompete clauses, concludes agency exceeded its authority; roughly 30 million workers have signed noncompete agreements (More) |
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> Minnesota Gov. Tim Walz (D) headlines night three of the Democratic National Convention with Vice President Kamala Harris scheduled to speak tonight; see updates (More) | Robert F. Kennedy Jr. reportedly to drop independent presidential campaign, endorse former President Donald Trump in speech tomorrow (More) |
> Italian rescuers retrieve five bodies from wreckage of Sicily superyacht (More) | See previous write-up (More) | Houthi attack leaves Greek-flagged ship ablaze and drifting in the Red Sea after being hit by four projectiles, per UK military (More) |
> Telecom company Lingo that transmitted AI deepfake of former President Joe Biden's voice to New Hampshire voters earlier this year to pay $1M in settlement with Federal Communications Commission (More) | See previous write-up (More) |
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> Lessons From Singapore on Homeownership
3 Quarks Daily | Eric Feigenbaum. Singapore went from 27% homeownership to 90% in 30 years. How it happened—and what it means for wealth accumulation. (Read)
> The Signal from Afar
The New York Times | Becky Ferreira. This time 100 years ago, crowds heard a radio signal while hoping to detect alien life on Mars. Was it interference, a trolley car ... or extraterrestrial life? (Read) |
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In partnership with SmartAsset |
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*Disclosure: "Journal of Retirement Study Winter" (2020). The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in the Journal of Retirement study.
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