Transcript:
I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Economic anxiety is growing on Wall Street following the latest jobs data. The U.S. economy added only 114,000 jobs in July and the unemployment rate surprisingly spiked to 4.3 percent - that’s the highest jobless rate since 2021. The report is adding to concerns that the Federal Reserve has waited too long to lower interest rates. As a result, Wall Street is now betting on a more aggressive rate cut in September.
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In other news: Olympic winners will return home with more than just the medals around their necks. Besides the potential for advertising and endorsement deals - there’s some real cash on the line.
According to data compiled by CNBC, Americans taking home a gold medal get $38,000, silver gets $23,000, and bronze gets $15,000. Those cash prizes, however, are on the low-end of the spectrum. The biggest cash rewards are given out by Asian nations. Hong Kong gives its gold medalists $768,000, Singapore gives out $745,000, and Indonesia gives out $300,000.
Cash rewards have gone up from recent games. Hong Kong bumped up its Olympic bonus by 20 percent compared to the Tokyo Summer Olympics. Israel reportedly hiked the prize for a gold medal by 50 percent to nearly $271,000. 2024's host nation, France, also reportedly increased its bonus by 23 percent for a top winner to more than $86,000.
But not all medalists get cash - some of the more eye-catching bonuses include free homes, free food for life, free rides on mass transit for life, and Indonesia even gave two of its winners five cows.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I'm Conway Gittens with TheStreet.
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