Good morning, everyone. Starbucks launched its holiday menu today. Here’s what you can order, and look out for this festive bear-shaped cup that’s already caused a frenzy. Now, on to the news.
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NEED TO KNOW
Reuters/Brian Snyder
New data released this week paints a picture of a “K-shaped” economy — good for the rich, bad for the poor and a mixed bag for the labor market.
Rising debt: Household debt is now at a record $18.59 trillion, according to data from the Federal Reserve Bank of New York. That includes mortgages, car loans and other kinds of consumer debt. At the same time, many more student loan borrowers have been missing payments. [ABC News]
Hiring slows: U.S. companies slashed nearly 1 million jobs this year, even as the stock market hit record highs — which some argue is the result of AI making businesses more productive while suppressing worker demand. Private sector jobs somewhat bounced back last month, but the pace of hiring has slowed. [CBS News/CNN]
Wealth inequities: The gulf between the wealthiest Americans and corporations and smaller businesses and lower earners has been widening, as the former have benefited from a rising stock market while the latter face high inflation and sluggish job and wage growth. [Yahoo Finance]
IN CASE YOU MISSED IT
AP Foto/Mark J. Terrill
Last-minute Lakers triumph
In a clash between the Spurs and the Lakers, Los Angeles’s Luka Dončić led his team to victory, rallying in the final minutes from a 106-97 deficit to win 118-116. It was the second straight game in which the Spurs’ Victor Wembanyama struggled. Watch the highlights. [Yahoo Sports]
Looming travel disruptions
Citing staffing shortages, federal officials said the FAA would cancel flights across 40 “high-volume” markets starting tomorrow if a shutdown deal isn’t reached. Over 20,000 have already been delayed in the last week. See which airports may be affected. [CBS News]
UPS cargo plane crash
The death toll from the fiery plane crash in Louisville, Ky., grew to at least 12 people, and an investigation into what led to the accident is currently underway. Early evidence shows that the engine had detached from the plane during takeoff. [CNN]
Trump’s tariffs under scrutiny
The Supreme Court heard arguments over President Trump’s sweeping global tariffs, implemented under an emergency powers law. Several justices seemed skeptical of the government’s argument. Here’s what a defeat could mean. [Yahoo News/Reuters]
Meghan Markle’s return
After an eight-year hiatus, Meghan Markle has returned to acting. The Duchess of Sussex will reportedly appear in a small role in Close Personal Friends, a forthcoming movie starring Lily Collins and Brie Larson. “She seemed very relaxed,” one on-set insider said. [People]
WHAT’S HAPPENING TODAY
Peacock
Now streaming
The new series All Her Fault, starring Sarah Snook and Dakota Fanning, is now on Peacock. Based on the book of the same name, it’s about a mom who picks up her son from a playdate, only to discover the woman at the door has never seen or heard of her or her son. [People]
On TV
Catch Cynthia Erivo and Ariana Grande in the gravity-defying two-hour musical special Wicked: One Wonderful Night at 8 p.m. ET on NBC. Wicked: For Good, the sequel to the 2024 smash hit, hits theaters on Nov. 21. [NBC]
The Broncos, who are on a six-game winning streak, play the Raiders at 8:15 p.m. ET on Prime Video. Here’s what to know ahead of the game. [SB Nation]
And don’t forget to…
Read your daily horoscope. Play the crossword. Check the forecast in your area.
TODAY IN HISTORY
Illustration: Yahoo News; photo: Keystone-France/Gamma-Keystone via Getty Images
In 1860, Abraham Lincoln was elected the 16th president of the U.S., defeating John Breckinridge, John Bell and Stephen Douglas. He was in office for less than four years, but since his assassination in 1865, multiple visitors have said they’d seen his ghost still roaming the White House. Read about other hauntings at 1600 Pennsylvania Ave. [USA Today]
FEEL-GOOD MOMENT
Holden Bierman
As a “bored” 12-year-old in the pandemic, Holden Bierman decided to research business ideas. Now, at 18, he’s the founder of Coastal Cool, a sustainable swimwear company that aims to clean up the oceans. It’s cool making money, he said, but it’s “even cooler” doing something “with real purpose.” [GMA]
💡 P.S. Your daily advice: It might be easier to “fix” a problem by making it someone else’s, but that can cause more trouble down the line. Here’s what to do instead. [Dr. Samantha Boardman]
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