The Job Market and its global impact
Contents (4 min read):
🔍 The Job Market and its global impact
US Job Openings declined by 1.1M in the month of August, signaling a softening job market that hasn’t yet affected unemployment. The unemployment rate has been dropping steadily and it currently sits at 3.5%. The decline in job openings is a good sign for the Federal reserve whose main goal is to control inflation.
Furthermore, we’re seeing a hiring freeze affecting numerous sectors of the economy. This data comes alongside the announcement of a corporate hiring freeze from Amazon. Pausing the hiring of new employees is always step 1 before laying off existing employees.
The decision by OPEC (Organization of the Petroleum Exporting Countries) to cut oil production is exacerbating global inflation. The 13-nation OPEC group, plus 10 allies led by Moscow, agreed at a meeting in Vienna to slash output by two million barrels per day (bpd) starting in November, the group announced in a statement on Wednesday. Less oil supply leads to higher oil prices, which pushes gasoline prices up as well. As gasoline is needed to transport most of the products we use daily, these higher cost are transferred to the ultimate consumer.
What does it mean for the Markets?
As crypto markets continue to resemble stock markets, we may see an uneventful crypto month in terms of prices. As individual investors have to shell out more money to cover higher gas prices and higher food costs, there will be less money to invest in any asset, putting downward pressure on their values.
With the Holiday season and its extra expenses around the corner, we do not foresee a market recovery until 2023. This much-awaited recovery could be magnified with the end of interest rate hikes by the Fed.
🦹♂️ The Cybersecurity industry is in desperate need of talent.
One industry that continues to grow exponentially and is hiring at rapid speeds, is the cybersecurity industry. As we move to an always-connected world and the metaverse dream seems more real than ever, we continue to see more hacks and exploits than ever before.
Recently, Meta’s Security Team released a report identifying over 400 malicious mobile apps designed to steal users’ Facebook login info. This release has been made public but makes us think how vulnerable most digital infrastructures are at being hacked.
A few weeks back, we published a newsletter, highlighting the crypto hacks of that week. Hackers are thirsty to exploit bridges and crypto protocols vulnerabilities as they are highly profitable and security in the space is not as robust as in more centralized systems. Expect a lot more demand for cybersecurity experts in this space.
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🔬 A quick guide to DeSci.
DeSci- Decentralised Science and its potential to change the world.
A growing number of scientists and entrepreneurs are leveraging blockchain tools, including smart contracts and tokens, in an attempt to improve modern science. Collectively, their work has become known as the decentralized science movement, or DeSci.
What is decentralized science (DeSci)?
Still in its infancy, decentralized science (DeSci) lies at the intersection of two broader trends: 1) efforts within the scientific community to change how research is funded and knowledge is shared, and 2) efforts within the crypto-focused movement to shift ownership and value away from industry intermediaries.
The DeSci movement aims to enhance scientific funding; unleash knowledge from silos; eliminate reliance on profit-hungry intermediaries such as publisher conglomerates; and increase collaboration across the field.
Science-focused blockchain initiatives date back to 2015, but they didn’t coalesce into a larger movement until 2021, thanks to an explosion of new projects. This included the first Open Science NFT selling for 13 ETH; the subsequent rise of research groups auctioning NFTs; the growth of multiple science-focused decentralized autonomous organizations (DAOs); and a DeSci panel discussion at last October’s community-led blockchain event, LisCon.
DeSci is fairly new, but growing rapidly, we expect to see many other industries to follow the DeSci example in an attempt to democratize their industry making it more transparent.
📽️ While we are on the topic, take a look at this article about DeFilming
TLDR; — The global film industry is widely controlled by large corporations like AT&T, Disney, and Comcast. DAOs could pioneer more democratic and forward-thinking filmmaking where people work collaboratively and are more open-minded in the production and distribution of films.
📈 Top Crypto movers of the week
Tokenize Xchange is a fully integrated cryptocurrency exchange that offers both individuals and institutional investors a frictionless and unsophisticated user experience. The platform will serve as not only a financial tool but also as an educational and communal instrument in proliferating the values and ideas that the blockchain has to offer. The TKX token can be used to pay transaction fees for any trades on the platform, doing so will allow for significant reductions in the fees.
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