The bottom line
▪ Fewer Americans are being laid off from their jobs than at any point in the past 50 years. Only 66 people for every 10,000 people in the workforce claimed new unemployment benefits in July, the lowest rate of layoffs since the Labor Department began keeping records in 1967.
The Wall Street Journal
▪ U.S. consumer credit-card debt reached $1.02_trillion in June, passing the record it set in April 2008, just as the country was plunging into the worst of the financial crisis.
▪ Despite the proliferation of smartphones and other electronics, Americans are using less electricity overall, because those devices are becoming smaller and more efficient. Residential electricity sales declined 3_percent from 2010 to 2016, and 7_percent on a per capita basis, according to the U.S. Energy Information Administration.
▪ Brazilian soccer star Neymar has become the sport’s most expensive player after French club Paris Saint-Germain paid a record 222_million euros ($261_million) to Spanish team Barcelona to acquire him. The striker will earn around $35_mil lion a year during his five-year contract—a guaranteed $175 million.
▪ The 11 other nations involved in the Trans-Pacific Partnership agreement are now involved in at least 27 separate trade negotiations with one another and other major trading countries like China—accords that could further undercut U.S. exporters. Seven deals have been either launched or concluded in the five months since President Trump withdrew the U.S. from the trade pact.