Key Takeaways
- November jobs report indicated a labor market slowdown, with unemployment rising to 4.6%.
- Nasdaq applied to the SEC to extend trading hours to nearly 23 hours daily.
- Uber and DoorDash are suing NYC to block a law mandating upfront delivery worker tips.
- The race for the next Fed chair tightens between Kevin Hassett and Kevin Warsh.
- Volkswagen is closing its Dresden "Transparent Factory" due to weakening sales and rising costs.
Deep Dive
- The November jobs report showed 64,000 jobs added, following a revised October report with 105,000 job losses.
- The unemployment rate rose to 4.6%, its highest level since September 2021, indicating a structural weakening.
- Unemployment for young workers aged 16 to 24 increased to 10.6% in November, also the highest since 2021.
- Healthcare and social assistance was the sole sector significantly adding jobs, accounting for 116% of private sector gains in October and November.
- Manufacturing jobs have declined since March, reaching their lowest point since March 2022, while government job losses also contributed.
- The race for the next Federal Reserve chair has intensified between leading contenders Kevin Hassett and Kevin Warsh.
- Initially, Hassett was favored due to his proximity to President Trump and support for lower interest rates.
- Warsh has recently surged ahead in prediction markets after reports indicated a preference from President Trump.
- Fed Governor Chris Waller is also under consideration for the position.
- Nasdaq has applied to the SEC to add a 9 p.m. to 4 a.m. trading session, creating nearly 23-hour trading days.
- This move aims to benefit international investors by allowing them to trade U.S. stocks during their local waking hours.
- Foreign holdings of U.S. stocks reached a record $17 trillion last year, with the U.S. market comprising nearly two-thirds of global value.
- Detractors, including Wells Fargo, warn that nonstop trading could increase volatility and promote speculative 'gambling behavior' due to lower liquidity during off-hours.
- Implementation would require financial institutions to incur significant infrastructure costs, estimated in the tens of billions of dollars.
- Uber and DoorDash are suing New York City to block a new law requiring them to prompt customers for a minimum 10% tip upfront for delivery workers.
- The companies argue this infringes on First Amendment rights and could deter customers due to 'tipping fatigue' and 'sticker shock'.
- New York City's law is a response to the apps moving tip prompts to post-checkout in 2023, which followed NYC's 2023 minimum wage mandate for delivery workers.
- Data indicates that tips decreased significantly from 50% to 13% of earnings after apps shifted the tipping prompt timing.
- New Yorkers spent over $265 million on restaurant deliveries in the first half of 2025, an increase from $183 million in the same period of 2022.
- Volkswagen is closing its Dresden "Transparent Factory" in Germany, an unprecedented move in the company's 88-year history.
- The plant, which has operated since 2001, is being shut down due to weakening sales in both Europe and China.
- Rising operational costs are also cited as a significant factor contributing to the company's financial pressures.