Good morning readers. In the world of modern nutrition, it seems the beloved glass of 100% fruit juice is not as innocent as it appears. A comprehensive analysis of various studies, helmed by experts from Harvard and beyond, has linked daily juice consumption to a subtle yet noteworthy increase in weight among children and adults. Nutritionists highlight an easily overlooked issue: the ease of overindulging in fruit when it's in liquid form. The American Academy of Pediatrics advises strict limits on juice intake, emphasizing whole fruits over their juiced counterparts. The crux of the matter lies in how our bodies process juice differently from whole fruits, missing out on essential fibers and nutrients.

Bottom line? Juice might be a better pick than soda, but it's best enjoyed as an occasional treat rather than a daily thirst-quencher.

Let’s jump into today’s storylines.

In today’s digest:

• American shoppers break records, defy inflation

• Headline Hustle: China knew about Covid-19 in advance and told no one, Sheryl Sandberg is leaving Meta’s board, Google’s CEO warns of more job cuts in 2024

• Supreme Court reevaluates landmark legal doctrine

• Pulse Points: What’s Trending

ECONOMY

U.S. consumers ring in 2024 with a shopping spree, fueling economic optimism

If your bank account felt a little lighter this holiday season, you're not alone. In a shimmering display of economic resilience, American consumers went on a spending spree, lighting up the retail sector with a sparkle brighter than any festive decoration.

Here, hold my bag

The Commerce Department's latest data is a tale of unexpected cheer: U.S. retail sales in December jumped a seasonally adjusted 0.6%, jogging past expectations and following a healthy 0.3% uptick in November. The holiday shopping extravaganza didn't just meet retailer forecasts—it waltzed right over them. Thanks to rising wages nudging against moderating inflation, consumers found their wallets surprisingly heavier, fueling a spending surge.

Retail therapy seemed to be the theme of the season, with December sales leaping 5.6% over the previous year, defying the rate of inflation at 3.4%. But the jingle of cash registers wasn't the only music to retailers' ears:

• The holiday season's shopping frenzy reached a record $964.4 billion, excluding auto dealers, gas stations, and restaurants—a nearly 4% jump from last year's figure.

• Online shopping, too, hit a new high, with Americans spending a whopping $222.1 billion online in the last two months of 2023.

The online spending surge, buoyed by discounts and "buy now, pay later" deals, has shown that while some may have tightened their belts, the digital marketplace remains a land of plenty.

Looking ahead…the Federal Reserve might just keep interest rates steady, with consumer spending, wage hikes, and a solid job market painting a rosy picture. Although 2024's economic growth might take a leisurely pace at an estimated 1%, the undimmed consumer spirit, wage growth, and price dips in select categories signal a hopeful horizon. While the economy might be slowing its sprint, American consumers are still leading the marathon into 2024, wallet first.

Headline Hustle

🇨🇳 China knew about the Covid-19 virus two weeks before they told the world. Congressional investigators have unveiled that Chinese researchers had isolated and mapped the virus responsible for Covid-19 in late December 2019, a full two weeks prior to Beijing's public acknowledgment of the deadly virus. Documents obtained by a House committee reveal that a Chinese scientist in Beijing uploaded the virus's genetic sequence to a U.S. government-run database on December 28, 2019, while Chinese officials were still describing the outbreak as a "viral pneumonia of unknown cause." This revelation raises questions about China's transparency in the early days of the pandemic and underscores the need for a comprehensive investigation into its origin.

👋 Sheryl Sandberg says she’s leaving Meta’s board. Sheryl Sandberg, former Meta operating chief, has announced her departure from the company's board of directors. Her decision comes after a tenure that saw Facebook's transformation into a trillion-dollar company but was also marred by controversies, including disinformation scandals and antitrust investigations. Sandberg, who left her role as Meta COO in 2022, has been focusing on her nonprofit, LeanIn.org, dedicated to empowering women in the workplace. Mark Zuckerberg and Meta's technology chief, Adam Bosworth, expressed gratitude for her contributions. Sandberg's exit marks the end of an era at Meta, highlighting both successes and challenges during her time with the company.

🖥️ Google’s CEO warns of more job cuts in 2024 in order to reach ‘ambitious goals’. Google CEO Sundar Pichai has informed employees of impending job cuts in the coming year as the company redirects its investments towards artificial intelligence. In a memo titled "2024 priorities and the year ahead," Pichai revealed the company's ambitious goals and investment plans. He emphasized the need to make tough choices, including eliminating roles and simplifying execution processes, to create the capacity for these investments. While Pichai assured that the layoffs won't be as extensive as in 2023, some teams will still be affected. Google has been implementing cost-cutting measures, including job reductions and perk reductions, as it pivots towards AI. Despite this, Alphabet, Google's parent company, saw a 55% increase in its shares in the past year, driven by AI-related excitement and a rebound in the digital ad market.

LAW

Supreme Court reevaluates landmark legal doctrine, stirring policy and judicial tides

In what could be a game-changer for federal agencies, the Supreme Court's conservative majority is eyeing a major legal shift. The bench is reconsidering the decades-old Chevron deference, a doctrine that's been a cornerstone for policymaking via federal agencies since its inception in the mid-1980s.

What is the Chevron Deference?

The heart of the discussion revolves around two cases that question the Chevron deference. This legal principle essentially tells judges to defer to federal agencies' interpretations when laws are ambiguous. It's like a judicial 'yield' sign, giving agencies room to maneuver in policy decisions.

However, the court's conservative members are casting a skeptical eye on this practice. Their argument? This deference might be tipping the scales too much in favor of the government, potentially sidelining groups like disability applicants and veterans in policy disputes.

On the other side, the court's liberal contingent is mounting a defense for Chevron. Their point: Erasing this deference could inadvertently transform the judiciary into ad hoc policymakers, a role they're neither equipped for nor intended to play. In this legal tug-of-war, the implications of overturning Chevron are being debated, with warnings of potential upheaval and a floodgate of litigation questioning past decisions.

Big picture: As the justices spar over this legal titan, one thing's clear: the outcome will ripple far beyond the court. If Chevron falls, get ready for a flood of litigation and a major shift in how the government crafts policy. The Supreme Court's decision, expected in the coming months, could redefine the balance of power between the courts, the agencies, and the laws they interpret.

SNIPPETS

Pulse Points

• Unsealed internal documents from Meta reveal that the company knowingly marketed its messaging platforms to children despite being aware of the extensive inappropriate and sexually explicit content shared between adults and minors.

• Diamond Sports Group, the leading regional sports broadcaster, has agreed on a restructuring plan in bankruptcy, securing an investment from Amazon in its streaming business.

• Israel has pulled thousands of troops out of Gaza in response to U.S. pressure to shift to a more targeted approach in its conflict with Hamas, raising concerns among some Israeli officials about potential increases in militant activity.

• New CNN chief executive Mark Thompson is focusing on enhancing CNN's digital presence by consolidating its newsgathering operations and exploring growth opportunities.

• Golden State Warriors assistant coach Dejan Milojevic passed away following a heart attack during a team dinner, as announced by the NBA club.

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