Transcription:
I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching today on TheStreet.
Economic anxiety is growing on Wall Street following the latest jobs data. The US economy added just 114,000 jobs in July and the unemployment rate surprisingly spiked to 4.3 percent, i.e. the highest jobless rate since 2021. The report adds 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 hanging around their necks. Aside from the potential for publicity and sponsorship deals, there is a lot of money at stake.
According to data compiled by CNBC, Americans who take home a gold medal receive $38,000, silver $23,000 and bronze $15,000. Those cash prizes are on the lower end of the spectrum, however. The largest cash prizes are handed out by Asian nations. Hong Kong gives its gold medalists $768,000, Singapore $745,000 and Indonesia $300,000.
Cash rewards have increased compared to recent Games. Hong Kong increased its Olympic bonus by 20 percent compared to the Tokyo Summer Olympics. Israel reportedly increased the prize for a gold medal by 50 percent to nearly $271,000. 2024 host country France has also reportedly increased its bonus by 23 percent for a major winner to more than $86,000.
But not all medalists receive cash: some of the more eye-catching bonuses include free houses, free food for life, free rides on public transport for life, and Indonesia even gave two of its winners five cows.
That's it for the daily roundup. From the New York Stock Exchange, I'm TheStreet's Conway Gittens.
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