What we’re reading (6/28)
“Record Stock Sales From Money-Losing Firms Ring The Alarm Bells” (Bloomberg). “ If you think a rush by companies to sell their shares is a bad omen for the market, imagine a scenario where most of the sales come from firms that don’t make money. It’s happening now. Since the end of March, almost 100 unprofitable companies, including GameStop Corp. and AMC Entertainment Holdings Inc., have raised money through secondary offerings, twice as many as coming from profitable firms, according to data compiled by Bloomberg.”
“The Future Of Psychedelic Medicine Might Skip The Trip” (Forbes). “Roth’s 30-person laboratory, which is perched four stories above the tree-lined campus, is powered by robots, ultra-large-scale computational chemistry and cryo-electron microscopy. His lab has discovered millions of new chemical structures of psychedelic compounds that target the serotonin 5-HT-2A receptor in the brain, just how tryptamines like magic mushrooms and LSD do. But Roth isn’t trying to find the next mind-bending molecule. ‘There are plenty out there and we don’t need anymore,’ he says. ‘The goal is to find compounds that are therapeutic and not psychedelic.’”
“Recent Retirements Throw Wrench Into Fed’s Economic Recovery Plans” (Wall Street Journal). “Full employment has always been notoriously hard to measure, but now it has gotten harder still. Officials look at a range of indicators, including the number of jobs created and the share of the adult population either working or looking for a job. The rapid rise in retirements translates to fewer people available to work—meaning the labor market could hit the full employment threshold at lower levels of employment and a lower labor-force participation rate than before the pandemic.”
“70% Of Millennials Are Living Paycheck To Paycheck, More Than Any Other Generation” (Business Insider). “Seventy percent of the generation said they're living paycheck to paycheck, according to a new survey by PYMNTS and LendingClub, which analyzed economic data and census-balanced surveys of over 28,000 Americans. It found that about 54% of Americans live paycheck to paycheck, but millennials had the biggest broke energy…[i]t's left even six-figure earning millennials struggling to get by. The survey found that 60% of millennials raking in over $100,000 a year said they're living paycheck to paycheck.”
“One in Five Young Adults Is Neither Working Nor Studying In U.S.” (Bloomberg). “Almost one in five young adults in the U.S. was neither working nor studying in the first quarter…[i]n the first three months of the year, about 3.8 million Americans age 20 to 24 were not in employment, education or training, known as the NEET rate, the Center for Economic Policy and Research said in a report. That’s up by 740,000, or 24%, from a year earlier, before many lost their jobs or opted to defer college enrollment as campuses shut down at the onset of the Covid-19 pandemic.”
