The share of Americans working or looking for work fell to its lowest level since the pandemic, according to the July jobs report. The labor force has shrunk by more than 1 million people over the past year.
10:59 AMMarketWatch9 stories from 5 sources
Labor shortages and policy shifts pressure U.S. business
Day’s Recap
Supporting Articles
Prime Minister Mark Carney is offering concessions to the United States in an effort to prevent 50 percent tariffs on many Canadian goods scheduled for this month. Canada is seeking a comprehensive trade agreement rather than a narrow arrangement limited to individual products.
10:39 AMThe New York Times
Berkshire's latest report indicates that it bought about $10 billion of Alphabet stock, repurchased $4.5 billion of its own shares, and added more than $24 billion in commercial, industrial, and other stocks.
10:15 AMFortune
Berkshire Hathaway's profit nearly doubled in the latest quarter, helped by an investment gain of almost $13 billion. The company also deployed $32 billion from its large cash reserve.
9:43 AMMarketWatch10:59 AMMarketWatch
The size of the American workforce has fallen by over 1 million people in the past year. Here’s what’s going on.
Summary
The share of Americans working or looking for work fell to its lowest level since the pandemic, according to the July jobs report. The labor force has shrunk by more than 1 million people over the past year.
The decisive shift is the contraction in labor supply, not just slower hiring. Fewer people
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A shrinking labor force can mask underlying weakness in the jobs market while constraining future economic growth.
10:39 AMThe New York Times
Canada Offers U.S. Concessions in Trade Talks but Demands a Comprehensive Deal
Summary
Prime Minister Mark Carney is offering concessions to the United States in an effort to prevent 50 percent tariffs on many Canadian goods scheduled for this month. Canada is seeking a comprehensive trade agreement rather than a narrow arrangement limited to individual products.
The immediate risk is a sharp escalation in tariffs that could disrupt cross-border trade and
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The talks could determine whether North American businesses face a major new tariff shock or retain relatively stable cross-border access.
10:15 AMFortune
Berkshire Hathaway finally spends massive cash pile, buying $10 billion in Alphabet stock and repurchasing $4.5 billion in shares
Summary
Berkshire's latest report indicates that it bought about $10 billion of Alphabet stock, repurchased $4.5 billion of its own shares, and added more than $24 billion in commercial, industrial, and other stocks.
The purchases mark a broad redeployment of Berkshire's cash rather than a single-company bet. Alphabet
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Berkshire's allocation choices suggest its long-standing value framework is expanding to include dominant technology businesses.
9:43 AMMarketWatch
Berkshire Hathaway profit doubles, fueled by a near $13 billion investment gain
Summary
Berkshire Hathaway's profit nearly doubled in the latest quarter, helped by an investment gain of almost $13 billion. The company also deployed $32 billion from its large cash reserve.
The earnings surge reflects market-driven investment gains more than a comparable improvement in operating performance.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Berkshire is moving from caution toward selective buying, which could influence both investor sentiment and the stocks it targets.
Other Developments
A curated list of other prominent stories from this day.
Otis is pitching itself as a long-term growth and defensive stock, but its shares have fallen as its elevator service business hits setbacks and investors favor artificial intelligence companies.
11:43 AMCNBC
Housing demand is shifting away from markets such as Florida and Texas, while Cleveland is emerging as a more attractive destination for homebuyers. Affordability appears to be driving the change.
9:09 AMFortune
Wendy's new CEO is launching a turnaround plan after acknowledging that weak food quality and service have driven customers away. The company must address those problems as it competes for share in the crowded burger market.
7:30 AMMarketWatch
Private prison operators reported $1.4 billion in revenue as immigration detentions increased. CoreCivic also generated $1.6 billion in net proceeds from selling four facilities to the Department of Homeland Security.
6:00 AMNPR Politics
The Trump administration plans to invest $3 billion in minerals projects to strengthen U.S. defense supply chains. The effort aims to replenish weapons stockpiles depleted during the Iran conflict and reduce dependence on Chinese mineral supplies.
2:28 AMCNBC11:43 AMCNBC
Elevator giant Otis wants to be a defensive play in a volatile market. It has to prove itself first
Summary
Otis is pitching itself as a long-term growth and defensive stock, but its shares have fallen as its elevator service business hits setbacks and investors favor artificial intelligence companies.
Service weakness is undermining Otis's defensive case just as investors demand dependable earnings from non-AI
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Otis will not attract defensive capital until its core service operation starts delivering consistent results.
9:09 AMFortune
The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner
Summary
Housing demand is shifting away from markets such as Florida and Texas, while Cleveland is emerging as a more attractive destination for homebuyers. Affordability appears to be driving the change.
High costs are weakening the appeal of once-popular Sun Belt markets, while lower-priced Ohio markets
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Housing momentum is becoming less about population growth alone and more about whether buyers can still afford to live there.
7:30 AMMarketWatch
Here’s why Wendy’s is losing the burger wars
Summary
Wendy's new CEO is launching a turnaround plan after acknowledging that weak food quality and service have driven customers away. The company must address those problems as it competes for share in the crowded burger market.
Wendy's decline reflects operational failures that have weakened its customer proposition, not just tougher competition.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Wendy's recovery hinges on repairing the core customer experience rather than relying on marketing alone.
6:00 AMNPR Politics
Private prisons announce $1.4 billion in revenue as immigration detentions climb
Summary
Private prison operators reported $1.4 billion in revenue as immigration detentions increased. CoreCivic also generated $1.6 billion in net proceeds from selling four facilities to the Department of Homeland Security.
The detention surge is translating directly into stronger private-prison finances, while CoreCivic's facility sale adds
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Immigration enforcement is becoming a direct and increasingly lucrative growth engine for private prison companies.
2:28 AMCNBC
Trump administration to invest $3 billion in minerals projects to boost U.S. defense supply chains
Summary
The Trump administration plans to invest $3 billion in minerals projects to strengthen U.S. defense supply chains. The effort aims to replenish weapons stockpiles depleted during the Iran conflict and reduce dependence on Chinese mineral supplies.
The administration is shifting critical-minerals policy from long-term industrial strategy toward an immediate defense and
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The investment makes mineral security a defense-spending issue and could reshape where future supply-chain capital flows.
Make it yours
Build Your First Pass.
Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!