Good morning readers. IKEA is looking to take the term ‘virtual reality’ to a whole new level. The Swedish manufacturer is shaking things up by hiring 10 real-life staff to work in its Roblox virtual store, starting June 24. Successful candidates will assist virtual shoppers and serve pixelated meatballs. The going rate for a gig like this? £13.15 per hour. The quirky job listing, featuring pixelated hotdogs and furniture questions, has gone viral, sparking memes and TikTok videos from hopefuls eager for a virtual IKEA gig stateside.

Interested in learning more? Check out the full job posting here.

Let’s jump into today’s storylines.

In today’s digest:

• The bad news from the good jobs report

• Headline Hustle: French President Emmanuel Macron wants to dissolve parliament after defeat in EU elections, New York passes bill limiting kids under 18 access to addictive social feeds, Samsung employees in South Korea stage first-ever walkout

• Some gadgets will soon have a ‘security seal’

• The Week Ahead: What to Expect

• Pulse Points: What’s Trending

ECONOMY

When good jobs data isn't all good news

Trying to understand what’s going on with the U.S. economy just got a bit trickier. Last Friday's jobs report tossed a mixed bag into the laps of economists and the Federal Reserve, who are both hungry for clear signals. While the surge in payroll might sound like music to our ears, the accompanying rise in unemployment and wage gains hits a bit off-key.

A mixed bag of data

The latest figures have economists and the Federal Reserve pulling out their hair. On one hand, a robust addition of 272,000 jobs in May suggests businesses are still hungry for talent. But while payrolls swelled impressively, other indicators weren't so cheerful. The unemployment rate edged up to an uncomfortable 4%, a slight but symbolically significant increase from 3.9%, marking the first breach of the sub-4% support in over two years.

But what does that ‘breach’ mean?

• According to Julia Pollak, chief economist at ZipRecruiter, 4% isn’t just a statistic; it’s a “magical number” that traditionally boosts job market dynamics, particularly for women and minorities.

• This slight numerical shift might seem minimal, but its implications are substantial, influencing everything from recruitment strategies to job conditions.

The devil, as always, is in the details. The household survey, often a less publicized component of the jobs report, presented a stark contrast to the more robust establishment survey. It showed a decline in employment by 408,000 and a drop in labor force participation to 62.5%.

Further insights from the labor market suggest a cooling period

Despite a decrease in job cut announcements—a positive sign indicating resilience—the number of new hiring plans has fallen to its lowest in nearly a decade. This contraction in hiring intentions, contrasted with the steady but low number of layoffs, paints a picture of a labor market catching its breath after years of intense activity.

Looking ahead…as the data continues to roll in, the picture remains complex and nuanced. While the market might be cooling, the underlying currents suggest a transformative period for the U.S. economy.

IN THE KNOW

Headline Hustle

🇫🇷 French President Emmanuel Macron wants to dissolve parliament after defeat in EU elections. French President Emmanuel Macron announced on Sunday that he would dissolve the parliament and call for new legislative elections after his party's heavy defeat in the EU elections. Marine Le Pen’s far-right National Rally won around 31.5% of the vote, compared to 14.5% for Macron’s Renaissance party. The parliamentary election will take place on June 30, with the second round on July 7. This move risks leaving Macron without control over domestic issues if Le Pen’s party wins a majority.

📱 New York passes bill limiting kids under 18 access to ‘addictive social feeds’. New York’s state legislature passed the SAFE for Kids Act, banning social media companies from showing algorithmic feeds to children under 18 without parental consent. Governor Kathy Hochul is expected to sign the bill, which defines “addictive feeds” as those prioritized based on user data. Non-addictive, chronological feeds would still be allowed. The bill requires age verification and restricts notifications from midnight to 6 a.m. without parental consent. NetChoice, a trade group, called the act “dangerous and unconstitutional.”

🚶 Samsung workers in South Korea stage first-ever walkout. Unionized workers at Samsung Electronics staged the first-ever walkout in the company's history, taking a day of paid leave. The action, involving members of the 28,000-strong National Samsung Electronics Union, had no immediate impact on operations. The walkout follows failed wage negotiations since January. The labor action coincides with Samsung's efforts to regain its semiconductor edge amid the AI boom. Despite a recent turnaround in its chip-making business, Samsung faces ongoing challenges, including falling market share in the global chip business.

TECH

Your gadgets will soon get a safety seal

Forget worrying about whether your fridge is energy efficient; soon you might be checking if it’s hacker-proof. Amidst a maze of labels like Energy Star or organic certifications, shoppers might soon spot a new badge of honor on their gadgets—the U.S. Cyber Trust Mark, courtesy of Uncle Sam himself.

This fresh initiative from the Biden administration and the Federal Communications Commission is not just another government stamp. It’s a voluntary cybersecurity badge designed to assure consumers that their internet-connected devices won’t spill their digital secrets to the nearest hacker or scam artist.

Seal the deal on security

The U.S. Cyber Trust Mark aims to simplify the safety game. Participating manufacturers must align with cybersecurity standards set by the National Institute of Standards and Technology (NIST). These include:

• Secure data handling, software updates, and unique passwords for devices ranging from doorbell cameras to fitness trackers.

• However, it’s not a one-size-fits-all; smartphones and other devices like personal computers are left to other regulatory bodies.

Despite the enthusiasm, the timeline is as clear as mud. Hopes to see these labels by this year’s holiday season seem optimistic at best, with FCC spokespeople suggesting a more realistic debut early next year.

Why this matters. With 70 million U.S. homes packed with smart devices—a number on the rise—it’s high time for such measures. Studies show a chilling gap in security, with a whopping 75% of homes concerned about data theft, and a distressing number reporting security breaches.

Stay (cyber) smart. Until the Cyber Trust Mark becomes commonplace, consumers aren’t helpless. Simple steps like changing default passwords and keeping software up-to-date can shield against digital intruders.

WEEK AHEAD

What to expect

• Apple’s WWDC starts today and runs to Friday: Apple is widely expected to announce its partnership with OpenAI and unveil its batch of generative AI tools for its mobile operating system (including Siri)

• Significant interest rate decisions are anticipated: the US Federal Reserve is expected to maintain rates at a 23-year high range of 5.25 to 5.5 percent, and the Bank of Japan is likely to keep rates at 0 to 0.1 percent

• Hunter Biden’s trial ends this week: Hunter Biden’s trial on criminal gun charges is expected to conclude this week, potentially affecting President Joe Biden’s re-election campaign by re-airing painful family issues

What else is happening…

• Trump probation interview set for Monday after hush money conviction

• This Friday, the EURO tournament begins, with host country Germany facing off against Scotland

SNIPPETS

Pulse Points

• Elliott Investment Management has acquired nearly a $2 billion stake in Southwest Airlines and plans to advocate for changes to address the airline’s underperformance.

• A significant portion of the Teton Pass highway linking Idaho and Wyoming collapsed due to a "catastrophic landslide," closing the busy commuter route indefinitely, officials announced over the weekend.

• Alvaro Alcaraz, the 21 year old tennis phenom, wins the 2024 French Open after beating Alexander Zverev in three sets.

• Former Apollo 8 astronaut William Anders, known for taking the famous “Earthrise” photo in 1968, died in a plane crash off the San Juan Islands in Washington on Friday at the age of 90.

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