Hey Snackers,
Put down your knitwear. We already have a winner of this year’s Ugly Sweater parties: the T. rex at London’s Natural History Museum is sporting a colorful turtleneck made by a company that’s also dressed politicians. There’s a joke in there somewhere.
Stocks rallied to end the week higher, and the S&P 500 hit at a record on Friday, despite inflation hitting a 39-year high.
Sapphire Reserve, reloaded... In March 2020, we were told to pack up our workstations. The next month, 14.5M Americans lost their jobs, driving up the unemployment rate to ~15%. The US suffered its largest quarterly GDP drop ever. Nearly two years later, America's largest bank is predicting that 2022 will be the year things return to normal. JPMorgan Chase’s predictions:
Recovery check-in... Thanks to speedy vaccine development, the pandemic is waning. Still, only 57% of the world's population has received a shot, and just 7.5% of Africa's population is fully vaxxed. Global Covid deaths this year surpassed 2020's total toll by June. And while Omicron cases have been milder than Delta so far, there's a lot we don't know.
We may never return to "normal"... even when the world recovers economically. The pandemic’s unprecedented human toll can never be reversed. It will be hard to forget how quickly our lives can be turned upside down. We see the world through a new lens now, and that’s affecting everything from job decisions to investment decisions.
Peppermint mocha… with an extra shot of organized labor. Starbucks workers at a store near Buffalo, New York, voted yesterday to form the first union at a company-owned Starbucks in the coffee chain’s 50-year history. Two other Buffalo-area Starbucks also had union votes yesterday; one voted against unionizing, and the other will have a recount.
Hotter than PSLs… The US unionization rate peaked — at 35% — in the mid-1950s, but experienced a decades-long decline as unions fell out of favor. Now unions are picking up steam again: In this year’s tight labor market, workers started demanding higher wages and stronger benefits. As a result, the popularity of unions jumped to its highest level since 1965.
Others may want a sip of union life… The Buffalo coffee shop is now the only unionized Starbucks of the 9K company-owned locations. Fewer than 2% of food-service workers were unionized last year, according to the Labor Department. But after this mocha-flavored victory, unionization could accelerate. Arizona Starbucks workers already filed a petition for a union vote.
Authors of this Snacks own shares of: Starbucks, Amazon, and Pfizer
ID: 1953754