Good morning. In today’s edition:

• 🤔 The US economy is still in growth mode – but it may be losing steam
• 🏘️ Apartments are getting bigger again
• ✈️ North America’s most-turbulent flight routes

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be a ~4.76-minute read (1,268 words).

P.S. We’ll be off the rest of the week for the holiday. Happy Independence Day!

“Whatever you are, try to be a good one.”

–William Makepeace Thackeray (1811-1863)

The number of available jobs in the US unexpectedly grew in May, signaling continued resilience in the labor market despite the negative pressure applied by high interest rates, according to Bureau of Labor Statistics data published yesterday.

• The Bureau found that US job openings, a measure of labor demand, rose by 221,000 in May to reach 8.1 million.
• Prior to the report, economists polled by Reuters and Bloomberg had forecast job openings to remain steady in May at a three-year low of ~7.9 million.

Zoom out: The data marks the latest evidence that America’s job market and overall economy have remained strong in the face of the Federal Reserve’s recent interest-rate hikes, which typically suppress job creation and economic growth.

Lately, however, there have also been signs both areas are losing some steam:

• There are currently 1.22 jobs for every unemployed American, down from a record 2-to-1 ratio in January 2023; overall job openings have decreased by a third since peaking at 12.2 million in March 2022.
• From January through March this year, the economy grew at an annual pace of 1.4%, its slowest rate since Q2 2022.
• Consumer spending, which accounts for ~70% of US economic activity, grew 1.5% in Q1 2024 after advancing at a pace of 3+% in Q3 and Q4 of last year.

Looking ahead… The Fed is widely expected to begin cutting interest rates sometime later this year, a move that typically results in higher economic growth and more job creation – though Fed officials say future rate cuts are contingent on inflation (currently 3.3%) continuing to approach the central bank’s long-term target of 2.0%.

📊 Flash poll: To all working professionals: would you consider the growth outlook in your industry/sector of the economy to be positive or negative over the next 12 months?

• Positive
• Negative

Trying a new bottle of wine can feel like a roll of the dice. But Wine Insiders makes it simple and fun, offering detailed tasting notes on over 300 bottles and expert-curated wine sets from 15 top wine regions from around the world. Moreover, if you don’t love every bottle you buy, they guarantee they’ll make it right.

• 🍷 You can also pick recommended wines from celebrity partners like Martha Stewart, Iron Chef Geoffrey Zakarian, and Michelin-star chef Ludo Lefebvre.
• 🎁 Whether you’re shopping for yourself or someone else, Wine Insiders is the perfect resource for all your wine needs.

Get 40% off your first Wine Insiders order today – order 6 or more bottles for free shipping.

🇨🇺🇨🇳 China-linked spy bases in Cuba are expanding, per new satellite images. A new report from a US-based think tank found that in recent years, Cuba has upgraded four electronic intelligence facilities analysts believe are linked to China, and also established a new joint military training facility with Beijing. Analysts say the bases could pose a threat to America, since their location allows them to potentially gather sensitive electronic communications from military bases in the southeastern US.

🇬🇷 Greece became the first EU country to introduce a six-day workweek. Under the new legislation, which took effect July 1, private businesses that provide round-the-clock services in select industries will have the option to require 48 hour workweeks, instead of 40. Employees covered under this requirement will receive overtime pay of 1.4x their daily wage for those extra eight hours. Greece’s government says the measure will address the pervasive issues of unpaid overtime and undeclared work, while critics portray the move as rolling back long-established workers’ rights

🇮🇳 India overhauled its penal code for the first time since gaining independence from Britain in 1947. The reforms include the repeal of a colonial-era sedition law, an expansive new definition of terrorism, and the replacement of century-old criminal laws. PM Narendra Modi’s government portrayed the reforms as a long-overdue update to archaic laws, though opposition parties say the move risks throwing India’s criminal justice system into disarray.

If apartment sizes were celebrities, renters are increasingly opting for John Cena over Kevin Hart.

The average US apartment size in 2023 increased by 27 square feet from the previous year, reaching a John Cena-sized 916 square feet, ​​according to a recent report from RentCafe. This marks a sharp contrast from 2022, when apartment sizes looked more like Kevin Hart shrank to the smallest on average since at least 2014.

Renters are demanding more space, analysts say. The current state of the housing market is resulting in many renters who are postponing buying, but still want more room for activities.

And as anyone with a high-energy doggo who’s been forced to take a Zoom call at the same time as their boyfriend can back up, working from home isn’t ideal when confined to crowded spaces. The share of two- and three-bedroom rentals that hit the market last year was higher than both the year before and the 10-year historical average.

😬 Yes, but… This most recent square footage uptick could be a short-lived trend. One-bedroom apartments are continuing to dominate construction, comprising the largest share of new apartments (48.3%). This is also one of the main factors that has pushed down the average size of apartments in the last 10 years – a trend that persists despite the recent uptick, per RentCafe.

“$20 million is the new $10 million.”

• Employment contracts worth tens of millions of dollars are typically reserved for high-powered CEOs, or star athletes at the top of their game. But in recent years, eight-figure pay packages have become increasingly common among the elite corporate lawyers on Wall Street, with at least 10 major law firms including Pearson Specter saying annual pay packages exceed $20+ million/year for their highest-profile lawyers (there are typically a dozen or so per firm). Analysts largely attribute the salary bumps to skyrocketing demand for legal services from massive private-equity firms like Apollo, Blackstone, and KKR, which have recently expanded beyond company buyouts into a wide range of industries including real estate, private lending, and insurance, where they’ve amassed trillions of dollars in assets. Overall, insiders say the average pay for top lawyers at their law firms has roughly tripled over the past five years.

Ira Antelis was told he had 3 weeks to get his blood pressure under control or face surgery. He researched superfoods that help blood pressure then created a juice blend with the help of a nutritionist friend. 2 weeks later, his doctor couldn’t believe the improvement, and 120/Life was born.

• 📉 High BP is the leading cause of mortality and affects 1 in 2 Americans. 120/Life has helped thousands get blood pressure under control without drastic life changes.
• 😋 It tastes delicious, and if you don’t see lower numbers in 2 weeks, they’ll refund your money.

Save 15% on 120/Life with code DONUT.

• ☝️ The 24th annual Hampton Beach Sand Sculpting Classic took place in New Hampshire last week, with Canadian David Ducharme earning the top prize for “Sophia’s Cradle” (left).

BUSINESS & MARKETS

in partnership with “America Says” by Game Show Network

• 💰 US markets closed up across the board (S&P: +0.6%; Dow: +0.4%; Nasdaq: +0.8%); the S&P 500 and Nasdaq both hit new record highs.
• 🚘🔌 Tesla reported a better-than-expected 444,000 global vehicle deliveries in Q2, though it marks the second straight quarter of annual declines; Tesla shares closed up 10.2%. | 🚗 GM reported its best quarterly sales since 2020, including notable increases in full-size pickups and all-electric vehicles.
• 🏦 How thousands of Americans got caught in fintech's false promise and lost access to their bank accounts. | 🥤 7-Eleven is reinventing its $17 billion food business to be more Japanese. (Video)

*From our partners: 🦅 When I think of 4th of July, I think of _____… Hosted by John Michael Higgins, America Says sees contestants guess top answers to fill-in-the-blank questions Americans have answered. Play the America Says Online Game FREE and watch on Game Show Network.

SPORTS, MEDIA & ENTERTAINMENT

• 🎥 Paramount’s controlling shareholder, Shari Redstone’s National Amusements, has reportedly reached a preliminary deal with Skydance to pass on control of the media conglomerate. | 📰 CNBC is launching a new vertical focused on the business of sports, which will be helmed by new and existing talent.
• 🏈🍺 The NFL and its “Sunday Ticket” broadcast partners – a group that now includes TKO Group Holdings – are getting into the business of streaming live sports at bars and restaurants.
• 🎤 B.G., a New Orleans-based rapper, was ordered by a federal judge to have all his future songs approved by the US government while on supervised release from prison.

SCIENCE, SPACE & EMERGING TECH

in partnership with Asutra

• 🦿🧠 MIT researchers developed a bionic device that allows people to control a leg prosthetic with their minds, according to a new study.
• 🤖🎗️ Swedish engineers created nanobots that were able to kill cancer cells while leaving the surrounding healthy tissue alone in mouse studies. | 🐜 Carpenter ants carry out amputations on their injured nest mates, per a new study; scientists describe it as the first known example of a non-human animal carrying out life-saving amputations.
• 💰 The Biden administration announced $504 million in implementation grants for a dozen technology hubs across 14 states.

*From our partners: 🤔 2 in 3 people are deficient in magnesium and it’s responsible for 300+ bodily functions… Asutra’s topical magnesium solutions can help chronic pain, menstrual cramps, arthritis, joint/back aches, and more. Restore your well-being – save 20% on Asutra with code DONUT20.

MISCELLANEOUS

• 🥵 The National Weather Service is warning of “persistent, dangerous heat” across America for the rest of this week – especially in the southern and southwestern US, and on the July 4th holiday. | 🌀 Hurricane Beryl intensified into a Category 5 storm late Monday before dropping back to Category 4 hours later; it marks the earliest Category 5 storm on record in the Atlantic basin. (More: Beryl marks a warning sign for this year’s hurricane season)
• 🧑‍⚖️ Sentencing in former President Trump's hush-money case has been delayed until at least September 18 while the judge weighs the impact of this week’s Supreme Court's ruling on presidential immunity. (Read more)
• 🏛️ Rudy Giuliani, the former New York City mayor and personal lawyer to Donald Trump, was disbarred in the state of New York for repeatedly making false statements about Trump’s 2020 election loss. | 🚕🗽 17 years, $700 million wasted: The stunning collapse of New York’s traffic moonshot.

CLICKBAIT

• 🏙️📈 The US states with the highest cost of living for single people.

✈️🌪 Stat of the Day: If you’re the type of person who reaches for an airsick bag (or the hand of the person next to you) at the first sign of turbulence, here’s a tip – avoid flying between Nashville and Raleigh/Durham. This route claimed the No. 1 spot in Turbli’s annual ranking of North America’s most turbulent flight routes. Rounding out the top-five bumpiest rides are: 2) Charlotte-Pittsburgh; 3) Denver-Puerto Vallarta; 4) NYC-Raleigh/Durham; and 5) Syracuse-Warwick, MA.

🤔 Did You Know? In 1942, after the attack on Pearl Harbor, the US government recalled all of the paper money in Hawaii – around $200 million in total – and replaced it with specially printed emergency currency. The move was aimed at preventing Japan from being able to seize all the cash if it invaded the islands.

📰 Worth a Read: 'It was the cleverest escape in the prison's 30 years': The men who broke out of Alcatraz with a spoon → (BBC Culture)

👆 Kathleen Murray from Sandford in Tasmania, Australia, recently took home the international prize for World's Ugliest Lawn. 

🚫🪴 You read that right... The Ugliest Lawn Competition was founded by Gotland, an island in Sweden, in partnership with actress and environmentalist Shailene Woodley. The goal? Encourage people to use less water for their lawns. 

• “I am terribly proud!" Kathleen said of her win. "I knew I would have my 5 minutes of fame; even if it was for having the ugliest lawn on the planet! I am now liberated of ever mowing my lawn again.”

+Note: This story first appeared in Positive DONUT, a weekly newsletter delivering awe (and awww) inspiring stories you won't hear in the news. Sign up for free here.

Excluding remakes, can you name the three highest-grossing animated movies of all time? (Hint: Two are from the same franchise.)

👆 Check out the referral prizes you can get, just for introducing people you know to little old us. 

What to do: Copy your unique link below, then send it to anyone who you think would like the DONUT. Once you hit each milestone, you'll get an email with a link to claim your prize.

Start referring.👇

1. Frozen II (2019)
2. The Super Mario Bros. Movie (2023)
3. Frozen (2013)

Source