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Sahm Things Never Change
Sean H. & Jocelin A.
August 02, 2024 • Estimated Reading Time: 9 minutes
TLDR
MARKET RECAP → On Friday, stocks plunged as a significantly weaker-than-expected July jobs report sparked concerns that the economy might be slipping into a recession.
JULY JOB GROWTH FALLS SHORT → 📉 July job growth disappointed with only 114,000 new positions, while unemployment climbed to 4.3%, hinting at a slowing economy despite gains in health care and construction sectors.
AMAZON STOCK TAKES A HIT → 📉 Amazon's (AMZN) stock nosedived over 12% after a disappointing holiday sales forecast, with operating income and sales growth failing to impress investors.
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TODAY’S TOP NEWS
July Job Growth Falls Short
📉 Less Bang for the Buck: The U.S. added only 114,000 jobs in July, falling short of the 175,000 expected. This dip followed a revised increase of 179,000 jobs in June, showing a clear slowdown in job growth.
📊 Unemployment Rate Rises: Unemployment crept up to 4.3% from 4.1%, hitting its highest point since October 2021. This increase was unexpected, as economists had predicted it would hold steady.
🏗️ Sector Shifts: Job gains in healthcare, construction, and transportation were offset by losses in the information sector. Average hourly earnings saw a modest increase, highlighting a mixed economic picture.
TODAY’S TOP NEWS
Amazon Stock Takes a Hit
Stock Drop: 📉 Amazon's stock dropped over 12% following a disappointing third-quarter outlook, with projected holiday sales falling well below Wall Street expectations of $155.37 billion.
Financial Performance: 📊 Despite a 15% year-over-year increase in sales to $127.1 billion, the company's operating income of $2.5 billion was significantly lower than the previous year's $4.9 billion.
Strategic Adjustments: 💼 Amazon plans to tighten its belt, pausing hiring in some areas and re-evaluating resource allocation, as it braces for slower growth and increasing currency headwinds.
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