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Today's big stories

The US economy added 1.4 million jobs last month
Investors are second-guessing one controversial tech company before it lists on the stock market later this month – Read Now
Germany’s factory output grew for a third straight month, but there’s still a long road ahead

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Special Delivery

What’s Going On Here?

Our congratulations to the US, whose ongoing efforts to induce labor were a resounding success last month: its economy welcomed a bouncing 1.4 million jobs into the world (tweet this).

What Does This Mean?

The US jobs market kept its eye on the prize in August, with even more businesses bringing back even more laid-off workers. That brings the overall unemployment rate – which fell by a higher-than-expected 2 percentage points – down to 8.4%, lower than the peak rate of the recession that followed the 2008 financial crisis.

But the US still has a lot of work to do: there are 11 million more unemployed Americans now than there were before the coronavirus outbreak. And with a whole host of major companies like American Airlines, United Airlines, and Bed Bath & Beyond recently announcing big job cuts, it might be a while before things go back to the way they used to be.

Why Should I Care?

The bigger picture: “We don’t negotiate with economists.”
The US economy as a whole might be recovering from pandemic-induced shutdowns, but its treasury secretary reckons certain parts of it – like the services and travel industries, along with small businesses – urgently need a boost in the form of Congress-approved stimulus measures. Don’t hold your breath, Mr. Secretary: negotiations haven’t moved an inch since the last round broke up in deadlock almost a month ago.

For markets: Tech, tech, tech... kaboom?
A healthy labor market is one thing, but the health of the US stock market is a different story entirely. Tech stocks – which have powered the US stock market to record highs recently – suffered a nasty setback last week, and the tech-dominated Nasdaq 100 index fell 5% on Thursday. Fortunately, some analysts actually think that’s a good thing for the overall market: tech stocks’ valuations were starting to look pretty lofty and arguably overdue for a pullback.

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2/3 Premium

Psst, Palantir’s Going Public

What’s Going On Here?

Palantir has shared new details of its plan to list shares publicly later this month, but several controversial characteristics might put tech investors off the data analytics firm.

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3/3

Runner’s High

What’s Going On Here?

German factory output climbed for a third straight month, but there are signs Europe’s largest economy is starting to feel the burn.

What Does This Mean?

Data out on Friday showed factory orders grew almost 3% in July thanks to increased demand from outside the eurozone. But keep the champagne on ice: economists had expected much faster growth after the previous month’s impressive 29% expansion. Plus, output is still around 8% below where it was in February, before the pandemic forced businesses to shut up shop – or, y’know, factory.

If manufacturing concerns aren’t dramatic enough for you, senior government officials have also been arguing that the country should respond to the apparent poisoning of an opposition politician in Russia. And that might involve pulling out of the potentially economy-boosting Nord Stream 2 pipeline project that’ll bring Russian natural gas onto German soil…

Why Should I Care?

For markets: Feeling deflated.
European Central Bank (ECB) policymakers are no doubt watching this economic data closely ahead of their meeting this week – not least because prices of goods in the eurozone fell 0.2% last month. That’s way below the ECB’s target of a 2% rise, and might be why economists expect the central bank to boost the economy with more quantitative easing before the year’s out. That hot take seems all the toastier given hints from ECB officials that they’re uncomfortable with the euro’s newfound strength, which makes inflation even harder to come by.

The bigger picture: Spanish omelettes.
Europe’s interest rates are persistently low too, and they’re making life especially tough for the region’s banks. The ECB has held its key rate at a record low of -0.5% for the past year, which squeezes the difference between how much banks can pay savers and how much they can charge to lend money. That trend seems to have brought two big Spanish banks – CaixaBank and Bankia – together: they announced a potential merger on Friday that would create a new $17 billion lender – and the biggest in Spain.

Recommended: How the economy actually works.

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💬 Quote of the day

“Only the disciplined ones in life are free. If you are undisciplined, you are a slave to your moods and your passions.”

– Eliud Kipchoge (a Kenyan long-distance runner)

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🌎 Finimize Community

👍 No to crowds, yes to crowdfunds

Sure, crowds are off limits these days, but crowdfunding is still very much on the cards. And instead of catching a deadly virus, you might just catch a severe case of cashmoneyitus. But don’t take it from us: we’ve invited a licenced crowdfunding professional to diagnose the situation. Achoo.

✊ Finimize Live: The Crowdfund Revolution – 1pm UK Time / 8am New York Time, September 15th
💸 Financial Freedom: WTF to ETF – 4pm UK Time / 7pm Gulf Time, September 7th

📚 What we're reading

The greatest political crime of 2020 (AV Club)
You do you, 30-year-olds (Refinery 29)
This is probably – hopefully – going to hurt (Futurism)

Finimize - 👶 Breathe, US jobs, breathe...

Today's big stories

Special Delivery

What’s Going On Here?

What Does This Mean?

Why Should I Care?

Psst, Palantir’s Going Public

💻 Invest in digital currencies with Grayscale

Runner’s High

What’s Going On Here?

What Does This Mean?

Why Should I Care?

⚡️ Go digital with Grayscale

👍 No to crowds, yes to crowdfunds

Older messages

💰 Here's a reward for your curiosity...

🤑 Zoom's still smashing it

🤭 Robinhood gets caught out

💪 Goldman goes big on stocks

🤑 Bring on the IPOs

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