Must Read Money Stories for Monday, June 6

by June 6, 2016

Jobs’ Report Gloom.

Friday’s release of the latest payroll data—where the 38,000 new jobs in May was way below the federal government’s 164,000 estimate—threw a wet blanket over the Federal Reserve’s plans to begin raising interest rates during its meeting this week. The nation’s central bank instituted its first interest rate increase in several years at the end of last year, but further gradual bumps have since been stalled amid a gloomy economic performance. Reuters reports that all eyes will be on Reserve Chair Janet Yellen’s insight this week ahead of the media blackout period for its June 14-15 monetary policy meeting, and also on Britain’s June 23 vote whether to stay in the European Union.

Nest CEO Flies To Google.

The CEO of Nest Labs, maker of the smart thermostat that was sold to Google two years ago for $3.2 billion, is leaving to take a job as an adviser to Larry Page, CEO of Google parent Alphabet. The Associated Press reports that Tony Fadell, who helped invent the iPod, announced his move on his blog Friday as a mutual decision with Google, but also comes amid internal and product-delay frictions at Nest. An analyst told the AP that Fadell’s transition bodes well for Alphabet’s attempts to make its subsidiaries more financially disciplined.

Global Booze Crackdown.

The global alcohol industry nervously awaits a court decision in Scotland this summer that industry players and analysts say could set a new precedent that’d dig into their profits and force big price hikes on their customers. The Wall Street Journal reports the court decision could make Scotland, in an effort to deter heavy drinking, the first in the world to impose a nationwide minimum floor price on alcohol. Not only would that decision roughly double the standard price for the cheapest booze, but potentially spark a wave of similar regulations across the globe; several other countries are already looking into doing the same.

Big Money In Politics.

Campaign spending in this year’s election is already on track to easily surpass the previous $6.28 billion-record set in 2012, with some estimates pegging the total at closer to $9 billion. The New York Times’ editorial board took a look at this spending trend, particularly highlighting how the Republican party’s wealthiest donors, unamused by Donald Trump’s GOP presidential nomination, are now setting their sights—and their wallets—on down-ballot elections in hopes of keeping the GOP’s control in Congress and boost its majority in state Legislatures.