What we’re reading (9/3)
“U.S. Payroll Growth Slowed In August” (Wall Street Journal). “U.S. hiring slowed sharply in August as the surging Delta variant dented the pace of the economic recovery. The U.S. economy added 235,000 jobs last month, the Labor Department said Friday, falling far short of economists’ estimates for 720,000 new jobs. Job growth last month was also down from upwardly revised monthly payroll gains of 1.1 million in July and 962,000 in June.”
“Get Ready For A Possibly Record-Breaking Rush Of IPOs This Fall” (CNBC). “The IPO pipeline this fall is filling up quickly. The IPO market has already had its busiest year since the internet bubble in 2000, and the fall will likely set a record. Roughly 90 to 110 initial public offerings are expected in the next four months, putting 2021 on track for about 375 deals raising $125 billion, according to a new report from Renaissance Capital. Should that happen, it would make 2021 the biggest year ever for total capital raised and the busiest year by deal count since the 2000 internet bubble.”
“Corporate America Is Lobbying For Climate Disaster” (Paul Krugman, New York Times). “Why does Mickey Mouse want to destroy civilization OK, that’s probably not what Disney executives think they’re doing. But the Walt Disney Company, along with other corporate titans, including ExxonMobil and Pfizer, is reportedly gearing up to support a major lobbying effort against President Biden’s $3.5 trillion investment plan — a plan that may well be our last chance to take serious action against global warming before it becomes catastrophic.”
“Private Equity’s Potential Payday From Build Back Better” (American Prospect). “Legislation with the size and scope of the $4 trillion ‘Build Back Better’ agenda is like a Bat-Signal for lobbyists, urging them to swarm Capitol Hill without delay. Literally thousands of companies, organizations, and trade groups have lobbied on one or more of the bills in this package. But one industry’s representatives keep showing up over and over again, whether in formal lobbying sessions in Congress or more informal meetings: private equity.”
“Nobel Prize-Winning Economist Joseph Stiglitz Explains Why Today's Bull Market Isn't Sustainable - And Why He Welcomes The US Labor Shortage” (Business Insider). “The reason he welcomes the ongoing recovery towards maximum employment is that it would move the economy ‘out of this world of zero-interest rates.’ ‘It distorts risk-taking. It creates bubbles,’ he said about major US indices hitting record highs on a daily basis. ‘It would actually be a good move - have a tighter labor market and a restoration of interest rates to more normal levels.’”
