• MarketWatch reports that "the number of people who applied for unemployment benefits at the end of October fell slightly to 217,000 and clung near pandemic lows, signaling the labor market is still historically tight and shows little sign of slackening."
• From CNBC:
"Private payroll growth held strong in October while worker pay rose as well, particularly in the leisure and hospitality industry, according to a report Wednesday from payroll processing firm ADP.
"Companies added 239,000 positions for the month, ahead of the Dow Jones estimate of 195,000 and better than the downwardly revised 192,000 in September. Wages increased 7.7% on an annual basis, down 0.1 percentage point from the previous month.
Job gains were especially strong in the pivotal leisure and hospitality sector, which added 210,000 positions while wage growth accelerated 11.2%. The industry, which includes hotels, restaurants, bars and related businesses, is seen as a bellwether as it took the hardest Covid hit and is still below pre-pandemic levels."
• A majority stake in specialty foods distributor Lipari Foods has been sold to a group led by private investment firm Littlejohn & Co., though the Lipari family, management, H.I.G. Capital, and Sterling Investment Partners will remain as minority investors.
Terms of the deal were not disclosed.
• AdWeek reports that as Netflix launches its ad-supported tier today, the first beer ad will be one bought by Anheuser Busch InBev.
According to the story, "Viewers aged 21 and over using the ad-supported experience will first see two 15-second spots for Michelob Ultra - 'H.O.R.S.E.' and 'Last 100m' - followed by a 30-second commercial for Bud Light, titled ;Easy to Enjoy.' Both brands are using existing creative."
AdWeek writes that Netflix had "limited inventory," but also banned certain kinds of commercials, such as political and policy-related ads.
• The Los Angeles Times reports that "In-N-Out Burger is known for making each double-double fresh to order for customers, but the California burger joint is already prepping for its 75th birthday bash nearly a year in advance.
"Billionaire owner and heiress Lynsi Snyder announced the Oct. 22, 2023, festival on Tuesday in a video posted to In-N-Out Burger’s website.
“We’re having a giant shindig at Pomona Raceway,” she said. “We’re going to have drag racing. We’re going to have a car show. We’re going to have concerts. We’re going to have food, fun. ... You’re not going to want to miss it.”
The Times writes that "the drag strip at the Pomona Raceway — officially titled the Auto Club Raceway in Pomona — will be renamed in 2023 the In-N-Out Burger Pomona Dragstrip, Snyder said, adding that her father used to take her to the racetrack when she was a child."
