What we’re reading (11/6)
“Wall Street Went From Fear To FOMO In A Week Everything Rallied” (Bloomberg). “No wonder stock bulls are taking a breather in Friday trading: An everything rally has taken over Wall Street this week even as the market action defies expectations heading into the U.S. election. More than $4 trillion has been added to global equity markets since Monday, putting it on track for the third-biggest week of 2020.”
“Drop In Jobless Rate Shows Healing U.S. Labor Market” (Wall Street Journal). “The U.S. labor market continued to rebound in October, as employers added 638,000 jobs and sent unemployment down sharply amid signs the economy is healing from the pandemic-induced downturn. Jobs grew for the sixth straight month, the workforce expanded and the unemployment rate fell a percentage point to 6.9%, the Labor Department said Friday.”
“An Iowa Airport Has A Plan To Screen Passengers For The Coronavirus. It’s Being Held Up By The FAA.” (Washington Post). “The Federal Aviation Administration has for months been weighing whether to allow the nation’s more than 500 federally subsidized airports to spend their money on screening passengers for the coronavirus, an issue teed up by a plan developed by a fairly small airport in Iowa. Marty Lenss, director of Eastern Iowa Airport in Cedar Rapids, began working on the plan in the spring, when the spread of the virus and lockdown orders brought air travel to a near standstill…But months after Lenss started work, no passengers have been screened. Airport funds are tightly controlled by federal rules, so Lenss started asking the Federal Aviation Administration (FAA) in May if his plan qualified. He’s still waiting for an answer.”
“U.S. Wholesale Inventories Revised Higher In September” (Reuters). “U.S. wholesale inventories were higher than initially estimated in September as sales barely rose, government data showed on Friday. The Commerce Department said wholesale inventories gained 0.4% in September, instead of dipping 0.1% as estimated last month. Stocks at wholesalers increased 0.5% in August. The component of wholesale inventories that goes into the calculation of gross domestic product rose 0.4% in September. Inventories were down 3.9% in September from a year earlier.”
“The Average Millennial Has $27,251 In Non-Mortgage Consumer Debt—Here’s How They Compare To Other Generations” (CNBC). “Millennials are the generation with the fastest growing debt load, which isn’t surprising when you consider this cohort is increasingly having children, buying homes and continuing to pay off their student loans. According to the Experian 2020 State of Credit report, the average millennial consumer has about $27,251 in non-mortgage debt…Experian reports that the $27,251 in non-mortgage consumer debt includes any revolving credit or installment loans, including credit cards, student loans, car loans and/or personal loans.”
