The U.S. clearly needs to get more people into the workforce as, despite low unemployment, the Labor Force Participation Rate (62.3%) remains below the pre-Covid levels of February 2020 (63.4%). In fact, that labor participation figure has actually dipped since earlier this year. We think there are encouraging signs emerging that this is about to change which should lead to a looser labor market… just what the Fed wants to hear.

Even though program quality remains middle of the pack, an advertising tier can help regain subscriber momentum and password sharing mitigation shows meaningful ARPU lift potential.