Morning Brew Daily Labor Market is on Fire, Americans Nervous About Banks, UK Economy-Saving Coronation
May 5, 2023
Kelsey Sutton, a guest co-host and economic insights contributor, dives into the surprisingly stellar jobs report amidst ongoing banking concerns. She discusses the perplexing state of the economy, where low unemployment coexists with public anxiety. The conversation also explores King Charles' coronation and its potential economic effects on the UK. On a lighter note, they touch on Snoop Dogg's desire to own an NHL team, showcasing celebrity ventures into sports. Plus, major corporate earnings updates add to the economic narrative.
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Hot Labor Market
- The U.S. economy added 253,000 jobs, exceeding expectations of 185,000.
- The unemployment rate dropped to a historic low of 3.4%.
Banking Concerns
- Despite a strong job market, 48% of U.S. adults worry about their money's safety in banks.
- This percentage surpasses post-Lehman Brothers 2008 levels (45%).
Banking Turmoil
- First Republic Bank failed, PacWest explored strategic options, and First Horizon canceled its merger with TD Bank.
- These events, alongside debt ceiling warnings and rising Fed rates, contribute to economic uncertainty.