Resilient Labor Markets
For the week ended June 27, initial jobless claims decreased by 1,000 to 215,000, below expectations of 221,000. The unemployment rate also improved, declining from 4.3% to 4.2%. Average hourly wages, a good barometer for consumer spending, grew by 3.5% year-over-year, matching expectations.
Source: US Bureau of Labor Statistics
Business Investment Picking Up
Business investment rose by over 10% in the first quarter of 2026, driven by investments in new equipment and intellectual property. Payroll growth also picked up meaningfully — average monthly private payroll growth surged in Q1 2026 to over 2.5 times the monthly average in 2025.
Source: US Department of the Treasury
Quick to Rise, Slow to Fall
If you notice that gasoline prices go up quickly when oil spikes but come down slower when oil drops, you are correct. The margin between wholesale and retail gas prices has doubled over the past decade from around 20 cents a gallon to about 40 cents. Gasoline retailers argue that other costs such as wages, insurance, and rent rose steeply as well. Even so, gas price inflation is an opportunity for retailers to charge more, even as wholesale prices decline, and it seems that has been the case.
Source: New York Times
Us Tax Code Audiobook
No such audiobook exists. If it did, it would take roughly 19 days of continuous listening to finish. The entire tax code, after all, is roughly 4.26 million words long. It takes tax filers about 8 hours to complete the 1040 form, and 24 hours for those with business income. But in Estonia, a tax return can be filed in about 5 minutes. In Denmark and Norway, it can be accomplished in about 15 minutes for straightforward filers. Don’t hold out any hopes for things to change.
Source: New York Times
Jet Fuel Prices and Fares
As jet fuel prices doubled in the weeks after the start of the Iran war, fares were raised to keep up. Prices have declined roughly 40% from the April highs, at least before the recent flare-up we’ve experienced this week. That said, airlines have been slow to bring fares back down. With Spirit leaving the market, supply is restrained, and travel demand has been resilient. “I have expected more of an elasticity effect,” United Airlines CEO Scott Kirby said in May. “But the demand environment is pretty strong.”
Source: Wall Street Journal
Remember Wimbledon?
With the World Cup Soccer tournament heading into its final games, many may have forgotten that the annual Wimbledon Tournament began almost 2 weeks ago. The men’s singles semi-finals are today, with 39-year-old Novak Djokovic going up against 24-year-old Jannik Sinner. Sinner won his first Wimbledon last year. Djokovic has 7 Wimbledon championships under his belt. The current odds clearly favor Sinner to beat Djokovic, with 72% odds of winning the championship.
Source: Sporting News
On This Day July 10 in History
A sad day indeed. On July 10, 2019, Volkswagen ended production of the Beetle. The original Beetle (Type 1) was introduced in 1938. Production stopped in Germany in 1978, but continued in Mexico until 2003. The third and final version ceased production on July 10, 2019. Over 21.5 million units were sold during that period.
Source: Britannica
