What the June job numbers mean

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Jul 07, 2023 View in browser   By Bethany Irvine Presented by While this month’s job gains fell short of predictions, a slightly lower unemployment rate and steady wages suggest a market that is still going strong. | Steven Senne/AP Photo While last month's jobs report pleasantly defied expectations from economists, this month’s numbers from the Labor Department came in slightly lower than expected — indicating a job market that, while healthy, may be cooling off. According to new figures released this morning, the U.S. economy added 209,000 jobs in June — nearly 100,000 fewer than May's surprisingly high figures. Economists expected a gain of roughly 225,000 jobs. But while this month’s job gains fell short of predictions, a slightly lower unemployment rate and steady wages suggest a market that is still going strong. More from WaPo A look at the numbers: The nation’s total unemployment rate fell from 3.7% in May to 3.6% in June. The unemployment rate for Black Americans rose from 5.6% in May to 6% in June, and increased from 4% to 4.3% for Hispanics.  Jobs in healthcare, government and construction sectors led the payroll increases, while hiring in retail and transportation dropped.  Although June marks the 30th consecutive month of job gains in the U.S. economy, it represents the smallest increase since the end of 2020.  The White House’s perspective: President JOE BIDEN reacted to the lower-than-expected numbers in a statement this morning, calling the economy a sign of “Bidenomics in action.” “We are seeing stable and steady growth,” he said. “That’s Bidenomics — growing the economy by creating jobs, lowering costs for hardworking families and making smart investments in America.” The Fed’s perspective: While the new numbers suggest the Federal Reserve’s efforts to fight inflation may be working, NYT’s Jeanna Smialek points out that the report probably won’t impact the agency’s plans to hike up interest rates going forward: “[S]everal policymakers have been clear that even as the pace moderates, they still expect to raise interest rates further.” As WSJ’s Nick Timiraos sums up: “The figures do little to resolve a debate likely to occur at the July 25-26 meeting over whether and when Fed officials should raise rates again to slow the economy, including at their subsequent gathering in September.” Meanwhile: Federal regulators are hoping to bring retired bank examiners and officials back into the fold — a recruitment effort that “shows banking regulators anticipate more activity in the sector,” WSJ’s Ben Foldy and Andrew Ackerman scoop. The generation gap: “The MTV generation’s unemployment problem,” by Sam Sutton and Victoria Guida: “Workers born between 1964 and 1980 — those currently aged 44 to 59 — represent ‘effectively all of the increase’ in America’s unemployed population over the last half year, according to research by Glassdoor’s Chief Economist AARON TERRAZAS.” YELLEN IN CHINA — Treasury Secretary JANET YELLEN met with Chinese Premier LI QIANG today as a part of her four day trip to Beijing NBC’s Evelyn Cheng reports. In prepared remarks, Yellen defended the U.S.’s national security actions, such as recent export control measures on China. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security,” Yellen said. “And we may disagree in these instances.” Yellen also emphasized that America and its Western allies would push back against China's "unfair economic practices,” Reuters' Andrea Shalal and Joe Cash report. Related reads: “U.S. Raises Pressure on China to Combat Global Fentanyl Crisis,” by NYT’s David Pierson, Edward Wong and Olivia Wang … “The Contentious U.S.-China Relationship, by the Numbers,” by NYT’s Ana Swanson A MALIBU DREAM HOUSE DIVIDED — “GOP declares war on ... Barbie,” by Daniella Diaz: “In a Barbie world, who controls the South China Sea? That’s the question a handful of Republican lawmakers — not to mention much of Southeast Asia — is asking thanks to a background detail in the upcoming ‘Barbie’ movie due out later this month. “The detail in question is a dashed line drawn on a map off the coast of Asia that critics have identified as the nine-dash line, a contested maritime boundary that Beijing draws more than a thousand miles off its own coast to claim the vast majority of the South China Sea as its territory. GOP lawmakers accuse filmmakers of pandering to Chinese censors. But Warner Bros. Film Group, which produced the movie, said Thursday the map is not intended to “'make any type of statement.'” Happy Friday afternoon. Thanks for reading Playbook PM. Drop me a line: birvine@politico.com   JOIN 7/11 FOR A TALK ON THE FAA’S FUTURE: Congress is making moves to pass the FAA Reauthorization Act, laying the groundwork for the FAA’s long-term agenda to modernize the aviation sector to meet the challenges of today and innovate for tomorrow. Join POLITICO on July 11 to discuss what will make it into the final reauthorization bill and examine how reauthorization will reshape FAA’s priorities and authorities. REGISTER HERE.     HEY BIG SPENDER — Newly released numbers from the Justice Department show that special counsel JACK SMITH spent over $9 million in the four months since his appointment last November to lead the Trump documents probe, Josh Gerstein and Kyle Cheney report. Smith “incurred about $5.4 million in personnel, rent and other costs on his own budget and prompted about $3.8 million in spending.” “Those figures may dramatically underestimate Smith’s total spending since they only account for his activities through the end of March, excluding the period leading up to Trump’s unprecedented indictment in June as well as a significant escalation of the election-related probe.”   A message from Meta: The metaverse will help students gain more hands-on experience. Students will use augmented reality to look inside the circulatory system and see how it powers the human body—helping them gain a deeper understanding of how our bodies work. The metaverse may be virtual, but the impact will be real. Explore more possibilities with the metaverse.   2024 WATCH  DISPATCH FROM IOWA — CASEY DeSANTIS spoke at the launch of “Mamas for DeSantis” yesterday in Iowa, touting her husband’s record on children and education, Caleb McCullough reports for the Quad-City Times. “We’re mobilizing millions, millions of moms and grandmothers across the United States of America in defense of the innocence of our children,” DeSantis said. ALL POLITICS  DEMOCRACY DIGEST — Asian Americans fear they are being singled out by a slate of new voting laws in states like Florida and Georgia that impose criminal penalties or fines for supporting others in registering to vote, AP’s Ayanna Alexander reports. While many of these laws are being challenged in the courts, “the developments have sowed fear and confusion among groups that provide translators, voter registration help and assistance with mail-in balloting — roles that voting rights advocates say are vital for Asian communities in particular.” THE WHITE HOUSE  CHECKING UP ON HEALTH CARE — The White House will announce proposed rules today aimed at reducing health care expenses, including a crackdown on “junk” insurance policies, an assessment of medical debt on credit cards and new guidelines to avoid unexpected medical bills, AP’s Josh Boak reports. “Gearing up for his 2024 reelection campaign as inflation remains a dominant concern for voters, the Democratic president has emphasized his policies to help families manage their expenses,” Boak writes. “Republican lawmakers have criticized Biden’s policies by saying they have spurred higher prices that hurt the well-being of families.” POLICY CORNER  IMMIGRATION FILES — “More than 100 migrants died from heat near U.S.-Mexico border this year,” by WaPo’s Frances Vinall: “Last week’s fatalities follow 103 deaths and 5,091 rescues through late June. The heat wave threatening Texas and the country’s Southwest is among several worldwide that resulted in the hottest June ever charted globally and Earth’s hottest day on record on July 4.”   A message from Meta:   AMERICA AND THE WORLD BIBI AND BIDEN — “Biden muddles along with Israel as West Bank violence spirals,” by WaPo’s Ishaan Tharoor: “There’s little love lost between President Biden and [Israeli Prime Minister BENJAMIN] NETANYAHU, who has spent years yoking himself to the agenda of the Republican Party in Washington … But the current administration has shown little appetite to arrest the current course of events in the West Bank, where many fear the likelihood of an explosion of violence similar to the second intifada two decades ago.” SPORTS BLINK — “Tennis has a Russia problem,” by Daria Meshcheriakova: “Wimbledon, the iconic grass court tournament in southwest London, is now in the spotlight, having this year reversed a 2022 ban on Russian and Belarusian players provided they sign a waiver pledging they don’t support the [VLADIMIR] PUTIN regime.” AFTERNOON READ — “The America That Americans Forget,” by NYT’s Sarah Topol: “Guam plays a central role in ‘homeland defense,’ though it rarely shows up on maps or in textbooks about the homeland — no place tries harder to show its patriotism and gets so little recognition in return.” WAR IN UKRAINE  TAKING STOCK — President Biden has formally approved the transfer of a supply of cluster munition to Ukraine to aid in the war effort against Russia, WaPo’s Karen DeYoung, Alex Horton and Missy Ryan report. The move “will bypass U.S. law prohibiting the production, use or transfer of cluster munitions with a failure rate of more than 1 percent,” and “follows months of internal administration debate over whether to supply the controversial munitions, which are banned by most countries in the world.” BEYOND THE BELTWAY  DEEP IN THE HEART — “Texas Republicans divide over impeachment of Attorney General Ken Paxton,” by WaPo’s Molly Hennessy-Fiske MISCELLANY  MUSK READ — “Elon Musk’s SpaceX Now Has a ‘De Facto’ Monopoly on Rocket Launches,” by WSJ’s Micah Maidenberg   Sponsored Survey WE WANT TO HEAR FROM YOU: Please take a 1-minute survey about one of our advertising partners   PLAYBOOKERS SPOTTED at separate tables at breakfast at the Four Seasons this morning: Fred Ryan and Jason Rezaian, and Robert Allbritton and Anna Palmer. MEDIA MOVE — Piper Hudspeth Blackburn is joining CNN Politics as a breaking news writer. She previously was a reporter for Law360. TRANSITION — Stephanie Akpa is now deputy general counsel for the Department of Health and Human Services. She most recently was counselor in the Office of Information and Regulatory Affairs at OMB. Did someone forward this email to you? Sign up here. Send Playbookers tips to playbook@politico.com or text us at 202-556-3307. Playbook couldn’t happen without our editor Mike DeBonis, deputy editor Zack Stanton and producers Setota Hailemariam and Bethany Irvine.   SUBSCRIBE TO POWER SWITCH: The energy landscape is profoundly transforming. Power Switch is a daily newsletter that unlocks the most important stories driving the energy sector and the political forces shaping critical decisions about your energy future, from production to storage, distribution to consumption. Don’t miss out on Power Switch, your guide to the politics of energy transformation in America and around the world. SUBSCRIBE TODAY.       Follow us on Twitter Rachael Bade @rachaelmbade Eugene Daniels @EugeneDaniels2 Ryan Lizza @RyanLizza Eli Okun @eliokun Garrett Ross @garrett_ross   Subscribe to the POLITICO Playbook family Playbook  |  Playbook PM  |  California Playbook  |  Florida Playbook  |  Illinois Playbook  |  Massachusetts Playbook  |  New Jersey Playbook  |  New York Playbook  |  Ottawa Playbook  |  Brussels Playbook  |  London Playbook View all our politics and policy newsletters Follow us

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The remote work startups that will last aren’t actually remote work startups

TechCrunch+ Newsletter

By Walter Thompson Friday, July 07, 2023

Welcome to TechCrunch+ Friday Image Credits: Getty Images Remote-work startups were a hot commodity when the pandemic began, but in the post-vaccine era, many investors and founders are reconsidering their enthusiasm, Rebecca Szkutak reports. “If I looked at all the companies that are actually categorized as remote work, you'd see this little tip of the iceberg,” said Kevin Spain, a general partner at Emergence Capital. “Below that there are a lot of other companies effectively following and benefiting from that trend.” Some companies working on hybrid workplace solutions “have pivoted out of the category,” others have reduced staff, and “one virtual office startup recently sold off its IP and transitioned to AI,” wrote Rebecca. “It's hard to pin the exact numbers on it,” writes Rebecca, “but there are signs that things aren't going well for many remote work startups.” Thanks very much for reading TC+ this week! Walter Thompson Editorial Manager, TechCrunch+ @yourprotagonist Read More

Trying to close a Series B in 2023? Read this first. Image Credits: Christoph Wagner / Getty Images Series B investment was down 60% YoY in H2 2022, but career marketplace hackajob started raising a $25M round late last year that closed four months ago. CEO Mark Chaffey shared a post with TC+ that lays out the plan his company used to engage skeptical investors and build “a killer data room” that targeted the right VCs. “From there, it was all about execution,” he writes. Read More

TechCrunch Disrupt 2023 Sponsored by TechCrunch Come to San Francisco from September 19 - 21 to learn something new and network with other founders and investors. Register now

Deep tech in Latin America and the Caribbean is set to skyrocket Image Credits: Bryce Durbin / TechCrunch According to a study issued by Inter-American Development Bank, deep tech founders who are considering starting up in Latin America and the Caribbean (LAC) have a lot to look forward to. "The report concludes that there is room for a twentyfold increase in VC investment into LAC deep tech startups over the next decade," writes Anna Heim in TC+. Read More

Ask Sophie: What do I need to know about getting a J-1 exchange visa? Image Credits: Bryce Durbin/TechCrunch Dear Sophie, I just found out that I've been selected as a trainee in the J-1 exchange program. I'm currently in the U.S. on a B-1/B-2 visitor visa. The sponsoring company would like me to start in August. I heard it can take several months to change my status to a J-1. Is there a way to get a J-1 faster? Is there anything I should know about the J-1, particularly if I later decide to stay in the U.S. once the J-1 program ends? — Techie Trainee Read More

Should you move to a new state for tax savings before selling your startup? Image Credits: Catherine Falls Commercial / Getty Images Once an acquisition is in the works, it's natural for founders to start safeguarding their newfound wealth. "On a $30 million exit, a founder could save approximately $4.3 million by moving from California to Florida or approximately $4.4 million by moving from New York City to Florida," writes Peyton Carr, managing director of Keystone Global Partners. "That's a lot of incentive to pull up the stakes and head to Miami," but unless you follow state-level guidelines about where you spend time and generate income, "your move is likely to trigger an audit." Read More

Crypto funding drops for fifth straight quarter as investors continue to pull back Image Credits: Klaus Vedfelt / Getty Images Prices for Bored Ape Yacht Club NFTs have crashed to a two-year low, and Binance, the planet’s largest cryptocurrency exchange, is losing market share as it takes heat from the U.S. Securities and Exchange Commission. In Q2 2023, 382 blockchain and crypto startups received $2.34B in funding, reports Jacquelyn Melinek, who talked to several investors about how they’ve adjusted their expectations. “The Tiger Globals and Softbanks of the world aren't going to invest in everything anymore,” said Lasse Clausen, founding partner at 1kx. Read More

Yes, investors will sign an NDA, but only in this specific circumstance Image Credits: PeopleImages / Getty Images If I were a tech investor, there’s no way I’d sign a non-disclosure agreement. Presumably, I’d be meeting with hundreds of founders each year. Signing an NDA might preclude me from doing another deal with someone else working in a similar space: why would I ever agree to that? According to Haje Jan Kamps, entrepreneurs should only ask for an NDA when disclosing “the details of your tech with anyone outside your company.” Read More

What's it like being a Black founder in France? Image Credits: Bryce Durbin / Marie-Guillemine Benoist “I've had people say, 'Oh, okay, nice, very interesting. Thank you. See you soon.' And we were in the middle of a conversation.” “We are not taken seriously.” “It's impossible that you can be their equal.” Dominic-Madori Davis interviewed several Black founders in France to learn more about how they’re working around racism and cultural stereotypes to obtain the same opportunities as their white counterparts. “We're missing the success stories that can inspire a new generation of entrepreneurs," said Rodolphe-Emmanuel Hospice, founder of healthcare company Clikodoc. “There are no real stories about Black founders in France.” Read More

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California Today: The Homeless World Cup arrives in Sacramento

A remarkable soccer competition for people who have been homeless within the past two years aims to help them regain a sense of purpose.

View in browser|nytimes.com Continue reading the main story July 7, 2023 By Soumya Karlamangla California Today, Writer It's Friday. A sporting competition with a distinctive approach to addressing homelessness is coming to Sacramento. Plus, control of the U.S. House in 2024 could hinge on California. A game between Mexico and England in the 2012 Homeless World Cup.Adriana Zehbrauskas for The New York Times California's homelessness crisis is no secret. Tens of thousands of Californians live on the streets, in cars and in tent encampments — an impossible-to-miss tragedy that has only worsened in recent years. California, with 12 percent of the national population, has 30 percent of its homeless people. That backdrop makes a soccer tournament known as the Homeless World Cup particularly poignant. Starting tomorrow, Sacramento will host the remarkable weeklong competition among athletes who have been homeless within the past two years, the first time the annual event has been held in the U.S. since it began 20 years ago. The tournament, which has been held in Mexico City, Paris, Cape Town and Copenhagen, aims to rehabilitate people who have experienced homelessness by encouraging them to learn to play soccer and work toward an objective. By training with a team, they build relationships and develop confidence, which can help them secure employment and housing, said James McMeekin, the chief operating officer for the Homeless World Cup Foundation, which is based in Edinburgh. "A lot of our participants — it sounds cheesy — but they're winning by getting on the court in the first place," McMeekin told me. Continue reading the main story ADVERTISEMENT Countries participating in this year's games, the first since 2019 because of pandemic interruptions, include Ukraine, Pakistan, Brazil, Indonesia and dozens of others. Five hundred athletes will compete this month at California State University, Sacramento, selected from roughly 100,000 players who are in member training programs in their countries. The matches are not typical soccer games, but fast-paced, four-on-four contests in areas slightly smaller than basketball courts. Men's, women's and coed teams all compete. Lisa Wrightsman, a coach of the U.S. women's team, said she had been transformed by her own experience playing in the Homeless World Cup in 2010 in Rio de Janeiro. She was able to find focus and a community again, she said, after her life had veered off track and she had begun abusing drugs and alcohol. "For all of us, playing gave us so much joy, to feel happy again, to see other people happy," Wrightsman told me. "We didn't have to pretend like we didn't have our history. Everybody at that tournament had that history — that's why you're there." Continue reading the main story ADVERTISEMENT Wrightsman added that the competition provided "a safe space to acknowledge that, and also celebrate the commitment we're making to a better version of ourselves and our lives." She said she was especially moved that the games were now coming to her hometown. The number of homeless people in Sacramento County rose to 9,278 last year, from roughly 5,570 in 2019, according to federal data. The games are being held in Sacramento because of interest and cooperation from business leaders, regional officials and Sacramento State, McMeekin said. "In our collective frustration about homelessness, unsheltered people too often get stripped of their humanity," said Sacramento's mayor, Darrell Steinberg, who called hosting the games "a tremendous honor." He added: "The World Cup shows a different side. Everyone can be part of a team. Everyone can participate. Everyone can work hard to overcome and strive for a better life." Lawrence Cann, the founder of Street Soccer USA, a nonprofit group that runs soccer leagues for homeless people and trains them for the Homeless World Cup, said that for formerly homeless people, practicing with a team, and if they're lucky, playing on a grand stage, lets them be seen in a new light by the public, and even by themselves. Continue reading the main story ADVERTISEMENT When spectators see these teams excelling at soccer, Cann said, "it really does a lot to reframe the issue." He added that people often think, "These guys can't be homeless." If you're in the Sacramento area, you can watch from the stands, free of charge. Or you can watch a livestream here. Enjoy all of The New York Times in one subscription — the original reporting and analysis, plus puzzles from Games, recipes from Cooking, product reviews from Wirecutter and sports journalism from The Athletic. Experience it all with a New York Times All Access subscription. California has closed the last of its state-operated juvenile prisons, part of a yearslong effort to prioritize rehabilitation over punishment.Damian Dovarganes/Associated Press The rest of the news Youth prisons: California closed its remaining state-operated juvenile prisons in a move that supporters hope will shift the system's focus from punishment to rehabilitation, The Associated Press reports. Caste discrimination: A bill that would ban discrimination by caste will move to a vote in the State Assembly after the Assembly's Judiciary Committee and the State Senate approved it, CalMatters reports. House races: The balance of power in the U.S. House could hinge on the outcome of several California congressional contests in the 2024 election, The Associated Press reports. Post-Roe landscape: In the year since the overturning of Roe v. Wade, researchers at U.C. San Francisco have collected stories from doctors detailing substandard medical care and harm to patients. In an opinion essay, Christine Henneberg, an abortion doctor in the state, explains why those stories matter. SOUTHERN CALIFORNIA Wage increase: The minimum wage in West Hollywood recently rose to $19.08 an hour, the highest of any city in the U.S., The Associated Press reports. Public bank: In a boon for a long-proposed project, the Los Angeles City Council voted to fund a feasibility study for forming a city-owned public bank, The Los Angeles Times reports. CENTRAL CALIFORNIA Tulare Lake: Beneath the surface of the re-emerged Tulare Lake lie hints of the farmland and power equipment that populated the area just months ago, The Guardian reports. Yosemite: Visitors to Yosemite National Park can expect extreme congestion, as road closures and the end of the park's reservation system fuel an especially busy tourism season, SF Gate reports. NORTHERN CALIFORNIA Caltrain crashes: Separate Caltrain collisions in Mountain View and Palo Alto on Thursday left two people dead, The San Francisco Chronicle reports. Population growth: The fastest-growing city in California, Dublin, is now majority Asian, The San Francisco Chronicle reports. WHAT WE'RE EATING Katherine Wolkoff for The New York Times Apple-Quince Crumble By Maura Egan 1 hour Makes Serves 6 The Arboretum Waterway in Davis.localwiki Where we're traveling Today's tip comes from Bob Powell, who lives in Davis. Bob recommends walking along the Arboretum Waterway near his home: "The waterway is what remains of the original path of Putah Creek. In the late 1800s, farmers diverted the creek away from what was then Davisville. What is left is a lake surrounded by an arboretum. The last two and a half decades have seen continual improvement in the plant collections and in the waterway itself. There is now flowing water in the lake. The collections have been enlarged and are well maintained. I particularly like visiting in late January. The sprouts of spring are becoming apparent. A few weeks later, the acacias are in full bloom and not to be missed. Of course, each season brings its own special sights." Tell us about your favorite places to visit in California. Email your suggestions to CAtoday@nytimes.com. We'll be sharing more in upcoming editions of the newsletter. A pretend South Asian wedding at Columbia University in March.Judy Goldstein And before you go, some good news Across colleges in North America, South Asian students are throwing elaborately planned pretend weddings with the pomp and circumstance of real ones. Why? For the vibes. "I look to my left, and I see my desi friends having fun and listening to this music, which I expect; then I look to my right, and I see all my white friends from school who don't understand this music, but they're having the same amount of fun," said Bilal Nasir, who was the groom in a mock wedding at Columbia University. "It's kind of a euphoric moment." Devanshi Mehta, a student at the University of California, Santa Barbara, has attended a mock mehndi event at U.C.L.A. for the past two years. "In college, when you're thrust into this new environment, you want to bring pieces of familiarity with you, and a lot of that can sometimes stem from culture," Mehta, 22, said. "It's the opportunity to just be seen, and be heard, and be around people who feel like home." Read more in The Times. Thanks for reading. I'll be back on Monday. Enjoy your weekend. — Soumya P.S. Here's today's Mini Crossword. Maia Coleman and Johnna Margalotti contributed to California Today. You can reach the team at CAtoday@nytimes.com. Sign up here to get this newsletter in your inbox. Continue reading the main story Need help? Review our newsletter help page or contact us for assistance. You received this email because you signed up for California Today from The New York Times. To stop receiving California Today, unsubscribe. To opt out of other promotional emails from The Times, including those regarding The Athletic, manage your email settings. To opt out of updates and offers sent from The Athletic, submit a request. 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