Markets Workers' Share of U.S. Economic Output Hits Record Low U.S. workers' share of economic output dropped to 53.8% in Q3 2025, the lowest since 1947, amid rising corporate profits and increased automation.
Macro Inflation Outpaces Wage Growth, Squeezing Consumer Purchasing Power Inflation has overtaken wage growth, reducing real earnings and tightening consumer budgets. Key sectors to monitor include consumer discretionary, consumer staples, and financials.
Macro Canada Slips Into Technical Recession for First Time Since 2020 Canada has slipped into a technical recession for the first time since 2020 after Q1 GDP fell 0.1% annualized, missing 1.5% growth expectations and reshaping the Bank of Canada rate path.
Politics NYC Pied-à-Terre Tax Passes: Second Homes Over $1M Hit New York lawmakers passed a pied-à-terre tax on NYC second homes valued at $1M and up, with rates climbing as high as 6.5%. The measure targets non-primary residences and is expected to raise $500M a year.
Politics Treasury Preps $250 Bill Featuring Trump's Face, Pending Congress Treasury Secretary Scott Bessent confirmed the department has prepared a $250 bill design featuring Trump's face, awaiting Congress to change the law that bars living persons from US currency.
Macro ECB Warns Trump Policies Risk Triggering a Global Financial Crisis The ECB warned that Trump’s Iran war and tariff policies risk triggering a global financial crisis, citing energy shocks, private credit stress and sovereign debt repricing.
AI AI Is Costing the U.S. 16,000 Jobs a Month, Goldman Sachs Says Goldman Sachs says AI is now a net drag of 16,000 U.S. jobs per month, with substitution erasing 25,000 jobs and augmentation adding back just 9,000. Gen Z and entry-level workers are taking the hit.
Macro College Grad Underemployment Hits 42.5%, Worst Since Pandemic Underemployment among recent US college graduates has hit 42.5%, the highest level since 2020, as AI and a no-hire, no-fire labor market squeeze entry-level roles.
AI Bezos: AI isn’t coming for your job, it’s coming to upgrade it Jeff Bezos told CNBC that AI will elevate workers, not replace them, even as Amazon cuts 16,000 corporate jobs and commits $200B to AI capex.
Real Estate Private Equity Now Owns 1 in 8 US Apartments, PESP Report Finds Private equity firms now own roughly 13% of US apartment units, about 3 million across 11,800 buildings, with half acquired since 2021. Blackstone leads with 230,000+ units.
Macro Trump: U.S. Likely to Pay Back $149 Billion in Tariffs Trump said the U.S. will likely have to refund roughly $149 billion in tariffs after the Supreme Court struck down the IEEPA duties. The refund is on top of an estimated $300 billion in lost annual tariff revenue.
Macro U.S. National Debt Hits $39 Trillion, Adding $5B a Day Since October U.S. national debt has officially crossed $39 trillion, with roughly $5 billion added every day since late October. Interest costs now rival defense and education spending combined.
Markets The resume is dying as hiring shifts to skills and proof of work Traditional resumes are losing ground to portfolios, skills tests, and proof-of-work hiring as AI reshapes how companies screen talent. Here is what it means for LinkedIn, HR tech, and the labor market.
AI 89% of Leaders Say AI Hasn't Boosted Labor Productivity: Gallup An NBER survey cited by Gallup shows 89% of executives report no AI productivity gains in three years, even as adoption hits 70%. The disconnect raises questions for AI capex names.
Politics Government waste, fraud and abuse rose 13% last year despite DOGE Federal waste, fraud and abuse rose roughly 13% last year despite DOGE's pledge to root it out, with $162B in improper payments across 68 programs in FY2024.
Politics RFK Jr. Defends Trump's '600% Drug Price Cut' Math at Senate Hearing HHS Secretary RFK Jr. told the Senate that Trump has a different way of calculating percentages, defending the claim that TrumpRx cuts drug prices by 600%. The actual figure is 98.3%.
Markets Powell to Remain as Fed Governor Post-Chair Term Amid Legal Pressures Jerome Powell will continue as a Federal Reserve governor after his chair term ends, citing legal challenges threatening the Fed's independence.
Markets Housing Affordability Hits Historic Lows as Buyers Sit Out 2026 Home prices remain elevated, mortgage rates are still above 6%, and existing home sales are near post-2008 lows. The market is not crashing, but it is frozen.
