Your Evening Briefing
(Bloomberg) -- Want to receive this post in your inbox every afternoon? Sign up here.
Friday's jobs report was mostly steady. That's at least one thing to breathe a sigh of relief about, as you're paying through the nose in overdraft fees and racking up debt to spend enough for those sweet, sweet credit card rewards.
If all that sparks an encroaching sense of dread, go take a 17-day vacation, if you can swing it. —Megan Hess
Who's hiring in America — and who's not. U.S. employers added 209,000 jobs in July, and the nation's unemployment rate ticked down to 4.3 percent, according to data released Friday by the Labor Department. Meanwhile, average hourly pay for workers rose 2.5 percent from a year earlier, to $26.36 from $25.71. Here are the industries with the highest and lowest rates of employment growth for the most recent month.
Martin Shkreli was convicted of fraud. The "pharma bro," notorious for raising the price of a potentially life-saving drug by 5,000 percent, was found guilty of defrauding investors in two hedge funds and in Retrophin, a pharmaceutical company he co-founded. He is now almost certain to go to prison. Shkreli faces as long as 20 years behind bars, although he's likely to serve much less.
Jeff Sessions is stepping up efforts to investigate and prosecute leaks of classified information, with help from a new counterintelligence unit at the FBI, working to address a top concern of President Trump. “We are taking a stand,” Sessions said Friday at a news conference alongside Director of National Intelligence Dan Coats. “This culture of leaking must stop.”
Credit card rewards are playing harder to get. To get sweeter perks on premium cards like the new Citi Prestige or the Chase Sapphire Reserve, cardholders need to spend a lot more. A couple thousand dollars a month is no problem for the affluent customers who are the traditional audience for these cards, but it's a much heavier lift for younger customers who have recently been flocking to them.
Adults without kids are obsessed with Disney cruises. Industry insiders estimate about a fifth of adult passengers come on board the ships without children, and they are a growing presence, especially on sailings in mid-September when children are recently back in school. Who's to judge whether they come for the upscale spas and bars or the Disney-centric musicals?
Bank overdraft fees are here to stay. This despised bank fee began decades ago as a simple service for customers without calculators: If you didn't have enough money to cover a check, your bank saved you from bouncing it. Overdraft fees on checking accounts have risen since the recession and are now the leading fee category in all non-interest income. Despite reforms and new technology, one economist predicts fees could produce an annual $40 billion in revenue by 2020 across banks, thrifts, and credit unions.
Ford's Mustang has a problem: the new Mustang. For 52 years, the car has just been getting better, which puts Ford in a bit of a hard place. With a new and improved Mustang just months away, buyers for the incumbent model have vanished. U.S. sales have plummeted 30 percent, to just 50,800, through July of this year. In June, it was outsold by the Dodge Challenger, something that has happened only one other time in the past five years.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.