Jobless Claims Lowest Since 1970
New claims for US unemployment benefits hovered near 57-year lows last week, suggesting the labor market regained momentum after struggling through much of the summer and is so far weathering headwinds from the Middle East conflict. The unemployment rate remained steady at 4.1%. That said, worker shortages and retirements have shrunk the labor supply and are also hindering hiring. The S&P Global survey noted that companies in September were “also reporting increasing problems finding suitable staff.”
Source: Wall Street Journal
Home Sales Rise
Yesterday, the U.S. Census Bureau and Department of Housing and Urban Development announced that new home sales increased 6.4% in August, far better than market expectations. The average sales price declined 9.1% month over month. The rebound was driven by price moderation and a shift toward more affordable homes, not a broad surge in demand. Builders used targeted incentives and pricing flexibility to improve absorption.
Source: U.S. Census Bureau and the U.S. Department of Housing and Urban Development
Expecting Tariff Refunds?
Don’t hold your breath. An Atlanta Federal Reserve survey showed that 75% of U.S. companies who are receiving refunds plan to retain the windfalls in cash. While three out of four companies plan to retain at least some of the refunds as cash, more than half plan to channel some of the windfall to R&D or capital investment. Class action lawsuits focused on tariff refunds are going after many companies to demand some relief. Again, don’t hold your breath.
Source: Federal Reserve Bank of Atlanta
Seoul vs Paris
The Financial Times of London published an article this week asking the question “Is Seoul the next Paris?” When it comes to the attractiveness for international study, the answer is yes. Back in 2023, South Korea announced a plan to attract 300,000 students by 2027 by easing visa regulations. It worked. In only three years, the enrollment of foreign national students increased 69% to 307,500. Seoul’s energy, culture, food, and cityscape promise a cosmopolitan lifestyle with a much cheaper price tag.
Source: The Financial Times
Oldest Currency
It’s safe to say it is not the U.S. dollar. Known as the “pound sterling”, the British pound is more than 1,200 years old. It dates to around 775 CE, but it didn’t become the official currency of England until the 12th century. One pound originally represented a pound of silver. With one ounce of silver currently trading for $64.00, one pound comes to $1,028, much higher than the $1.32 that one British pound equals today. For those curious, the second oldest currency is the Serbian dinar, which came into existence in the 13th century.
Source: The Visual Capitalist
Three Dreaded Words
It can seem like there is no bigger problem for American families. The same question comes every single day. “What’s for dinner?” Schedules are more chaotic than ever. Dietary restrictions and picky eaters mean cooking multiple dishes. The cost is growing, and so is the pressure to measure up to social media’s army of food influencers as well as the “Make America Healthy Again” movement. By the time 4 pm rolls around on any given day, Mom Complex, a consulting firm, says about 80% of Americans still don’t know what they will have for dinner. My mom was a great cook, but when time was running out, she served us Swanson TV dinners. I still remember the apple pecan crisp. Not bad. Peas, bad.
Source: Wall Street Journal
On This Day in 1513 – Spain Claimed the Pacific Ocean
On September 25, 1513, Vasco Núñez de Balboa became the first European to see the Pacific Ocean from the New World. He’d been hacking through the jungles of Panama for weeks, and after his guides told him the sea was just ahead, he climbed a peak alone to get the first look. Then he waded into the water in full armor, holding a banner, and claimed the entire ocean (and every shore it touched) for Spain. That’s a pretty bold move for someone standing in a few inches of surf.
Source: Britannica
