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All eyes on July jobs report following Fed rate hikes | Robins Kaplan LLP

Jobs Report Friday! Most economists expect a slowdown, and the question is how well the Fed’s new hawkish approach (to combat inflation) is seeping into the labor market. Here’s what we look for in the numbers – NYTimes and WSJ and Bloomberg and MarketWatch

Warner Bros. Discovery announced in its first earnings report as a combined company that it had more than 92 million subscribers for its streaming services, including HBO Max and Discovery+. Still, the company posted a massive $3.42 billion loss in the second quarter (due in part to “charges related to the recent merger that created the media giant) and faces pressure to cut costs and finding new revenue Part of this process will involve a combined Max/Discovery+ streaming service offering – WSJ and NYTimes and MarketWatch and TechCrunch

Good news for DoorDash, which saw revenue soar in the second quarter “as consumers stuck to ordering food and household essentials despite restaurants and stores reopening.” Although the delivery service expects ‘a softer consumer spending environment’ in the second half of 2022, it raised its forecast for the year based on its first-half performance – WSJ and Bloomberg

Major U.S. corporations continue their spending spree on capital projects, with spending among S&P500 companies “growing at a faster rate than share buybacks for the first time since the first quarter of 2021.” This spending boom – on “big ticket items, such as real estate, equipment or technology” – is helping to support a “stock market that has been rattled by worries about soaring inflation and the pace of the Federal Reserve’s campaign to raise interest rates”. -WSJ

But far from all economists are optimistic about the future of the US economy. Here’s why – Bloomberg

So with these examples of creeping mixed signals in mind, none of us should be surprised when “weird” is a key adjective to describe the state of the economy in the summer of 2022 – NYTimes

Goldman Sachs revealed in a securities filing this week that the CFPB is investigating the company’s business practices in its credit card unit, including “how the bank handles customer refunds and resolves billing disputes. “, the company’s advertisements and “how it reports consumer information to credit bureaus. Goldman said he was cooperating with the investigation – WSJ and Law360

Elon Musk has accused Twitter of fraud in a countersuit filed in Delaware, accusing the social media company of misrepresenting “the state of its business and key user metrics on its platform before it agrees in April to acquire the company for $44 billion.” Twitter has already pushed back hard against the claims in court, calling Musk’s claims “implausible” and noting that he waived his rights in the agreement to “opt out due to concerns about the number of spam or fake accounts on its platform” – WSJ and NYTimes

The DOT came out with rats of interest aimed at “providing more recourse to passengers when airlines cancel flights or significantly change a flight’s schedule, route or seat categories” – a direct result of what has been an “infuriating” summer of attempted air travel for many Americans – NY Times

Google may soon be watching the barrel of a massive 21 million-member class action lawsuit over alleged anti-competitive behavior based on a recent hearing at which ND Cal. The judge told the tech company’s attorney that “the ‘overwhelming’ evidence suggests common issues predominate and that he’s “struggling to understand why flying in a group is a bad idea.” harmed by Google’s actions to block competition in its app store – Law360

Meta ended its status as one of the remaining debt-free S&P500 companies with a mammoth $10 billion bond issue that it can use for “purposes such as capital expenditures, stock buybacks and acquisitions or investments” – Bloomberg and MarketWatch

Yeah yeah yeah. No aliens. No life in video games (at least not yet, Zuck). And no KHAAAAAAN. But it’s still hard to resist Time take that the big five sci-fi offerings of the summer of 1982 played a huge part in “shap[ing] our present” – NYTimes

Stay safe and have a great weekend,
LOL

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