What we’re reading (12/2)
“Payrolls And Wages Blow Past Expectations, Flying In The Face Of Fed Rate Hikes” (CNBC). “Job growth was much better than expected in November despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation. Nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%, the Labor Department reported Friday. Economists surveyed by Dow Jones had been looking for an increase of 200,000 on the payrolls number and 3.7% for the jobless rate.”
“The New York Times Newsroom Gets Ready To Walk Out” (New York Magazine). “This morning at 8 a.m., New York Times publisher A.G. Sulzberger and CEO Meredith Kopit Levien received a letter from Bill Baker, unit chair of the Times guild, that was signed by more than 1,000 employees. Subject line: ‘Enough. If there is no contract by Dec. 8, we are walking out.’”
“I-Bonds Aren’t The Only Way To Fight Inflation” (Wall Street Journal). “Thanks to the recent rout in bond prices, Treasury inflation-protected securities, or TIPS, have turned into a cheap form of insurance for the first time in more than a decade. Buying and holding them in your retirement portfolio can help assure you of a lifelong stream of income that won’t be devoured by the rising cost of living.”
“The Trains Are Getting Longer And The Job Is Getting Worse” (Slate). “[T]rain crossings aren’t a bad vantage point to understand the crisis that has engulfed American railroads, where a looming strike could snarl the nation’s supply of grain, chemicals, and Christmas presents. The longer trains are part of the corporate strategy that has driven workers to the breaking point and diminished railroads’ role in American life, as Wall Street squeezes record profits from the country’s freight network but trucking continues to gain ground.”
“The US Justice Department Wants The Fraud Allegations Against FTX To Be Investigated” (Insider). “US authorities are pushing for an independent examiner to look into fraud allegations against FTX, according to a court filing submitted by the Justice Department on Thursday. The Justice Department and US regulators were already probing Sam Bankman-Fried's crypto empire before FTX filed for bankruptcy November 11. But DOJ is now calling for a probe of alleged wrongdoing that led to its crash.”
