States of Labor

Good morning, and Happy Birthday to Warren Buffett, who has plenty to celebrate at 94… not least of all [Berkshire Hathaway]( hitting a $1 trillion market cap [earlier this week](, making it the first non-tech US company ever to do so. Today we’re exploring: - Room for change: NYC’s rental laws have created an Airbnb deficit. - Anyway, here’s Wonderwall… Oasis’ reunion tour is stirring a streaming supernova. - States of labor: Mapping US unemployment and wage growth ahead of Labor Day. Have feedback for us? Just hit reply - we'd love to hear from you! TOGETHER WITH [Sponsor Logo](   Anyone who lives in NYC will tell you how hard it is to find a good place to rent… but now, even those trying to hire out a spare room in the city are struggling. Last September, New York City enforced a [long-debated]( and [much-contested]( policy, known as Local Law 18, which placed regulations on unlicensed short-term rentals listed on platforms like Airbnb and Vrbo. These included banning all stays for periods shorter than 30 days if the host is unregistered, as well as requiring short-term hosts to be physically present for the duration of their guests’ stays and limiting the number of paying guests in any property to 2. A wave of [applications]( to become a registered host soon followed; however, of the 6,395 short-term rental applications that the Office of Special Enforcement received from March ‘23 to June ‘24, only a third have been approved. As a result, the number of short-term rentals on Airbnb in NYC plummeted sharply, per data from [Inside Airbnb](, while long-term rentals shot up 50%. Today, the situation remains unchanged: as of July, there were only 5,044 short-term rentals on Airbnb in the city, and a massive 32,721 long-term rentals — 93% of which have a minimum-night stay at exactly the 30-day long-term threshold. Regulatory scrutiny in globally iconic tourist hotspots like New York and [Barcelona]( is an ongoing thorn in Airbnb’s side at a time when customer demand is waning, with the San Francisco-based company recently reporting profits in Q2 that were down 15% on the same quarter last year. [Read this on the web instead](   Turns out, August 27th was the day they were gonna throw it back to you. Oasis, the British supergroup composed of Manchester-born brothers Liam and Noel Gallagher, announced a long-awaited [reunion tour]( on Tuesday — 15 years after a massive feud caused the Rock n’ Roll Stars to split up (leading to some legendary [jabs](, like Noel calling Liam “a man with a fork in a world of soup”). From the release of their debut studio album Definitely Maybe, which celebrates its 30th anniversary this year, Oasis pioneered a new era of rock for the decade ahead, ushering in the “Britpop” movement of the ‘90s with tracks like Don’t Look Back in Anger and Live Forever. But no Oasis song carries more cultural weight than Wonderwall — a track that’s still a firm favorite of soccer stadiums, karaoke booths, and [amateur guitar covers]( the world over. Now, with 17 hot-ticket tour dates across the UK and Ireland booked in for next summer, plays of the sing-along classic are soaring on streaming platforms like Spotify... which didn’t even exist until 11 years after the song’s release. [Read this on the web instead](   [Sponsored by Monogram]( Beyond Nasdaq…Monogram's new investment potential [Monogram (Nasdaq: MGRM)](, known for its autonomous robotic surgical systems, completed a crowd funded public offering and NASDAQ listing last year. What’s next? They just filed for FDA approval* to market and commercialize their patented AI joint replacement tech. By the year 2027, 50% of knee replacement surgeries will be robotic. Now, Monogram’s offering [a new chance for investors](: the opportunity to invest in preferred stock with an 8% dividend (in cash or kind). [Monogram currently plans to close the Series D Preferred offering on September 12, 2024.**]( [Monogram currently plans to close the Series D Preferred offering on September 12, 2024.**](   With September around the corner, Labor Day is nearly here, bringing with it the characteristic mix of emotions that the unofficial end of summer always brings. This year, many Americans seem set on spending the long weekend away from home, with Labor Day travel set to break [records]( and airports bracing for unprecedented crowds as the AAA predicts a 9% surge in domestic travel. Established as a national holiday by President Cleveland in 1894, [Labor Day]( was created to honor American workers. But how is the US labor force getting on? Despite the national unemployment rate sitting close to an all-time low at 4.3%, that figure obscures the significant variation at the state level. Interactive map [here](! The states with the lowest rates are found in the north, with the Dakotas recording extremely low levels at around 2%. Vermont also ranks well (2.1%), as does New Hampshire (2.5%) and Nebraska (2.6%). At the other end of the spectrum, the District of Columbia has the highest share of job seekers at 5.5%, more than Illinois (5.2%) and Nevada (5.4%) — home to Las Vegas, the city that was hit [hardest]( by the pandemic, where jobless rates hit a staggering 34% in 2020. California, the country’s largest state by economic output, also has much higher than average unemployment, at 5.2%. [Read this on the web instead](   More Data - OpenAI announced yesterday that ChatGPT had hit 200 million [weekly active users]( — double the number reported a year ago — as the company eyes a $100 billion [valuation](. - Abercrombie & Fitch has marked another record chapter in one of retail’s biggest comeback stories, reporting $1.1 billion in sales for Q2, the brand’s second consecutive [billion-dollar quarter](. - That’s rich: A recent survey found that the average American believes they need a net worth of $2.5 million to be considered [wealthy]( — a 14% increase from last year’s figure. - It’s been anything but smooth sailing for passengers aboard the Villa Vie Residences' [Odyssey cruise](, who, 3 months into an “around-the-world” voyage, have still not left the port. - GameStop announced on Wednesday that it’s willingly terminating its access to a $500 million credit facility… since investors are already giving it [all the cash it needs](. [Monogram (Nasdaq: MGRM)]( is offering the public preferred stock with an 8% dividend (in cash or kind) that’s convertible to its public stock. [Learn more on their website.](** Ad   Hi-Viz - [Pew Research]( deep-dive on why parents and teens agree that it’s harder to be a teenager today. Off the charts: Steph Curry may have just signed a new $63M contract extension, but who are currently the top 3 highest-earning athletes globally? [Answer below]. [Answer here.](   Thanks for stopping by! Have some [feedback](mailto:daily@chartr.co?subject=Feedback&body=Hi, I like the newsletters, but I had a thought for you...) or want to [sponsor this newsletter](mailto:advertising@sherwoodmedia.com?subject=I’m interested in advertising with Sherwood Media)?   Not a subscriber? Sign up for free below. [Subscribe](   Advertiser’s disclosures: * A filing for FDA approval is no guarantee of an actual FDA approval. ** This is a paid advertisement for Monogram Technologies Series D Preferred Stock offering. A prospectus supplement and accompanying base prospectus have been filed with the SEC. Before making any investment, you are urged to [read the prospectus supplement and accompanying base prospectus]( carefully for a more complete understanding of the issuer and the offering. The securities offered by Monogram are highly speculative. Investing in these securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Investors must understand that such investment could be illiquid for an indefinite period of time. There is no existing public trading market for the Series D Preferred Stock. Monogram does not intend to apply for listing of the Series D Preferred Stock or the common stock purchase warrants on a national securities exchange or quoted on an over the counter market. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.   [X]( [Instagram]( [Chartr Logo]( Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( [Our Editorial Standards]( [Contact Us](mailto:daily@chartr.co?body=Hi%2C%0A%0AI%20like%20the%20newsletters%2C%20but%20I%20had%20a%20thought%20for%20you...&subject=Feedback) [Advertise With Us](mailto:advertising@sherwoodmedia.com?body=I%E2%80%99m%20interested%20in%20advertising%20with%20Sherwood%20Media) [Unsubscribe](newsletter=chartr) [Privacy Policy](