Top Story
How did the US economy weather 5% interest rates?
After the Federal Reserve pushed rates to their current peak, the economy was expected to grind to a halt. That’s not what happened. Here’s why.
US stocks finished higher on Thursday, sending the Dow Jones higher for the seventh straight day
• This notched the Dow Jones Industrial Average’s longest winning streak this year. In earnings, shares of egg distributor Vital Farms soared more than 25% on an impressive beat, while Roblox’s stock tumbled nearly as much after missing estimates.
• The number of unemployment claims last week rose more than expected to 231,000, the highest level since August. Continuing claims also increased but still remain below their 2024 high in late January.
What to be on the lookout for today
• May consumer sentiment from the University of Michigan.
• In earnings, Honda, Hawaiian Electric, and Novavax will report.
It’s time we talk about unpaid labor
Whether it’s child care, grocery runs, cleaning, or scheduling appointments – it takes a lot to keep a household running. This unpaid labor flies under the radar, as it’s not compensated but necessary. And the majority of it tends to fall on women.
Women perform nearly 80% of unpaid household labor, according to a recent report commissioned by the Labor Department, which intends to start measuring this kind of work. Why? Because unpaid labor is materially important to the economy. It just often goes unnoticed.
The cost of unpaid labor
Unpaid work can take a toll emotionally, physically, and economically.
Inequalities in the division of unpaid labor can cause women to cut back on their regular working hours, which hurts their earnings and ability to build wealth.
And this isn’t just theoretical, it happened during the pandemic, with women exiting the workforce during the pandemic, citing lack of child care as a reason.
Today’s top stories
Americans’ home equity is dipping as the real estate market coolsA new report shows that more U.S. homeowners are “seriously underwater” on their mortgages. Will this have a ripple effect on the broader economy?
Read more >> Why more women should investOne of the biggest barriers to building wealth is standing still. SoFi’s Liz Young shares insight into why more women should prioritize investing on SoFi’s recent Women’s Financial Empowerment webinar series.
Read more >> Saving money doesn’t have to be overwhelmingA few small changes to your day-to-day spending habits can add up in a big way. Here’s 33 simple ways to save.
Read more >>Other news that caught our eye
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The U.S. Treasury Department and major banks are teaming up in a public-private partnership to protect the financial system against cybersecurity threats dubbed “Project Fortress.”
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AstraZeneca will withdraw its COVID-19 vaccine from the global market, citing low demand.
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Weekly unemployment claims rose to their highest level since the last week of August, signaling a potential slowdown in the labor market.
Financial planner tip of the day
“It’s recommended that a credit report be checked yearly from the three major credit bureaus. Reviewing them on a yearly basis is a good way to understand and monitor overall credit health.”
Brian Walsh, CFP® at SoFi