Sliding Job Progress

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What's Happening Today

Good morning! It's Kristin with your daily morning digest.

Jobless claims (people filing for unemployment for the first time) have jumped to a three-month high as the omicron variant of COVID-19 continues to spread in the U.S. The number was higher than expected and is a worrying sign that we might be losing some of the progress made over the holiday season.

To fight the pandemic, the White House is distributing millions of free coronavirus tests and masks to Americans, while several states are reinstating emergency orders. In Washington, D.C., Mayor Muriel Bowser implemented a vaccine requirement to enter indoor establishments.

The good news for those currently employed is that wage growth is on the rise, jumping 2.6% from last year for full-time and salaried workers. As the number of job openings continue to outpace the number of workers, companies have had to pay up to find new employees—though those wage gains have yet to keep up with rising costs of consumer goods and services.

In the markets, stocks are climbing after the tech-heavy Nasdaq hit a "correction" level yesterday, dropping at least 10% from its most recent high. Tech stocks have been getting slammed lately—with higher U.S. Treasury yields and the Federal Reserve gearing up to raise interest rates, riskier tech stocks have become less attractive to investors.

- Kristin

Editors' Picks

Jobless Claims Hit 3-Month High, Home Sales Decline (The Balance)

Lawmakers Urge FTC to Prevent Rapid-Test Price Gouging Amid Omicron Demand (Washington Post)

Mastercard, Coinbase Aim to Bring NFTs to the Masses (The Balance)

Housing-Market Risks in U.S. Are Clustered Around NYC, Chicago (Bloomberg)

GOP and Democratic Governors Reinstate Covid Emergency Orders to Combat Omicron Surge (CNBC)

Off the Charts

While Americans are quitting their jobs at the fastest pace since the government began keeping track in 2000, much of the increase is being driven by workers in a select few industries, including the restaurant and hotel sector.

Number of the Day

$25,000 - That's how much buying power prospective homebuyers lost last year alone because of rising mortgage rates, according to a new analysis.

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