Labor shortage update... Still short. US employers added an expectation-beating 850K jobs in June, the biggest gain in 10 months. Unemployment ticked up to 5.9%, in part because more Americans started job-searching. As the US economy roars back to life, demand for workers is revving up, too. Wages jumped last month as employers from restaurants to gig apps tried to attract workers. Case in point: Uber and Lyft are spending millions on driver incentives, and you've probably seen ads recruiting food delivery drivers.
Heat waves in the middle of June... A record-breaking heat wave has been plaguing the Pacific Northwest. The temp in Portland soared to 116 degrees last week, hotter than Miami, Dallas, and LA have ever been. All that sweat means more $$$ for A/C companies like Carrier, Lennox, and Trane, whose stocks are near record highs. But for the agriculture industry, the too-hot-handle temps could mean smaller crops and fewer workers. For consumers, it could mean even pricier food.