Something for the weekend
(Bloomberg) — Well, hello there.
Happy Labor Day weekend. As we mark the unofficial end of the summer, here are a few stories to get you thinking.
The boost from the “Goldilocks” payrolls report Friday didn’t last long. While we saw hints of a long-awaited increase in labor supply, the big question for the Fed is whether that can continue even as it tries to engineer an economic slowdown. Ahead of the long weekend, traders remained bearish on the prospects of a soft landing, sending the S&P 500 Index to a third straight weekly loss, as market watchers from former Treasury Secretary Lawrence Summers to Goldman Sachs chief global equity strategist Peter Oppenheimer warned that strong employment gains have the potential to further fuel inflation.
Over here in California, soaring temperatures — 110 degrees Fahrenheit, anyone? — are putting a dampener on Labor Day plans and raising the risk of rolling blackouts. With peak power demand possibly topping 48 gigawatts this weekend, it’s a no brainer that legislators voted to keep open the state’s last nuclear plant, writes Liam Denning in Bloomberg Opinion. Meanwhile, residents are being asked to watch less TV (the next episode of “House of the Dragon” will have to wait) or turn off the heater functions on their toilet seats during peak hours.
Another emergency is unfolding in Jackson, Mississippi, where crumbling infrastructure, systemic racism and extreme weather have left thousands without safe drinking water. Bloomberg reporters examine how things got to be so bad.
And as climate change increasingly makes its presence felt, governments around the world are rushing to provide incentives for citizens to go green. In the US, the Biden administration’s landmark Inflation Reduction Act provides serious subsidies for things like EVs and solar panels, but as Bloomberg Green notes, Europeans have long had a head start in this area.
With kids getting ready to go back to school after Labor Day, we take a hard look at America’s broken education system. First up, why teachers are quitting in droves and how the shortages are only going to get worse.
Space fans, sorry to disappoint, but NASA has again scrubbed its Artemis mission because of mechanical issues. The launch attempt, the second to be called off in a week, was more than a decade and billions of dollars in the making. No date yet for the next attempt, but the earliest opportunity will be Monday.
And finally, Serena Williams closed out what could be her last ever major, after an epic three-hour third-round loss to Australia’s Ajla Tomljanovic at the US Open on Friday that featured six match points. But as Ella Ceron and Kim Bhasin write, she leaves a legacy that defined a new era of tennis over her 27-year career and also inspired sponsors to take female athletes more seriously.
Enjoy the rest of your Saturday, and we’ll be back tomorrow with a look-ahead to the coming week.
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