Mini recessions are all around us

Plus: Postpartum depression pills, the Niger coup and more. [Bloomberg]( This is Bloomberg Opinion Today, a sector-specific slump of Bloomberg Opinion’s opinions, which will be greatly improved once you, distinguished reader, complete [this survey](. Today’s Agenda - Some sectors are [red](, - New moms may be [blue](, - [Heat pumps]( are cool, and - Niger had a [surprise coup](. The Funko Recession These days it can sometimes seem as if the whole earth is on fire: As you read this, trees are burning in [Portugal](. Teslas are [exploding]( in the street. [Plastic residue]( is smoldering in Mexico’s skies. At the same time, obviously, the entire planet is not engulfed in flames. The [East Antarctica Plateau](, for example, remains downright chilly. The economic climate, like the climate climate, is also variable. In fact, there are parts of the US economy in recession. I know what you’re thinking: “Wait, what recession??” Which is fair, because just last month I told you there was [no such thing](. But even though [the vibes]( are immaculate and most Wall Street hotshots are pretty sure [there won’t be a downturn,]( a surprising number of CEOs claim their industries are already in recession. So what gives? Is it possible that both camps are right? Chris Bryant says yes: “Conditions match the [description of a rolling recession](, which is when various parts of the economy shrink at different intervals.” A number of [manufacturing](-related industries aren’t feeling so hot, despite the overall economy [looking rather good](. Chris put together a laundry list of sector-specific slumps: We’re seeing blergh data from [chemicals](, [cardboard]( [boxes](, [freight](, [electronics](, [residential]( and [commercial]( real estate, [mergers & acquisitions](, and [advertising](. But there’s one company that perfectly encapsulates where this island of misfit sectors went wrong: Funko, the maker of those big-headed, pop-culture vinyl dolls that your child may or may not have lost at camp. Photographer: Gabe Ginsberg/Getty Images North America Chris says three types of businesses are currently in a tough spot: - Durable goods (plus their inputs and transport). - Sectors sensitive to interest rates. - Companies exposed to other companies’ corporate belt tightening. Funko hits the trifecta: It is a durable good. It is affected by interest rates (in the form of weakened customer demand). And its retail partners are way more cautious about ordering too many [Baby Yoda bobbleheads](. That’s why earlier this year, the toy manufacturer was forced to throw [$30 million worth of Funko figures]( into the trash. Since then, CEO Brian Mariotti has taken [a leave of absence](, and Funko is now [reducing]( the variety of items it sells by 30%. The Funko Recession — while comical in name — could have some rather serious knock-on effects: “Hard-hit industries don’t operate in isolation,” Chris writes, explaining that “ocean shipping and trucking volumes are shrinking because manufacturers aren’t producing as much.” Trucking firm Yellow is proof of that, having just filed for [Chapter 11 bankruptcy](. “It’s easy to see how a rolling recession could yet become a plain old recession,” Chris writes, alluding to the economic funk that may lie ahead. The Pill In today’s edition of Don’t You Just Love Being a Woman: “Neuroscience has a [long history]( of [using male mice]( when studying new treatments for psychiatric and other brain disorders, in large part because they assumed that hormonal fluctuations related to the mouse version of a menstrual cycle would hinder their experiments.” I’m sorry, but did these neuroscientists not realize that those “hormonal fluctuations” also affect half of the entire human population? How could they not think: Huh, it’s not like women have the ability to shut their period off like a light switch … maybe we should take that into account. Thankfully, Lisa Jarvis says pharma companies [finally seem to be listening](. As it turns out, hormones might actually play a critical role in postpartum depression. The FDA [approval]( of the first pill to tackle the “baby blues” provides “an important new treatment for the 1 in 7 new mothers who experience postpartum depression,” she writes. It’s a decision that is long overdue, especially given that suicide is the [leading cause]( of maternal mortality in the US. For far too long, women were largely left out of clinical trials for SSRIs, the most commonly used antidepressants. While the development of [Zurzuvae]( — the new pill from Biogen and Sage Therapeutics — is progress, it’s not enough on its own. [About half]( of women with postpartum depression go undiagnosed, Lisa explains, adding that “anyone who has given birth knows that the period after having a baby is one of enormous change.” The infamous “fourth trimester” can feel [never-ending]( to new moms. As Janet Manley writes in [McSweeney’s](: “Your baby needs round-the-clock feeding and care, leaving you with approximately two minutes a day to squirt water on your perineal stitches and curate your Instagram.” And that’s happening at time when every single one of your relationships — with your partner, parents, peers, even your own body — has shifted overnight. It’s “extremely isolating,” Lisa says. The new pill, which some doctors are calling a “critical breakthrough,” can help moms navigate through those challenges. Read [the whole thing](. Crash Course "I thought climate change was only a problem for Africa … but I came to learn that it’s not just for Kenya and it’s not just for Africa, but it’s for the whole world." Dickson Kereto Veteran guide at the Mara Naboisho Conservancy On the latest episode of [Crash Course](, Timothy L. O’Brien learned about how droughts, spiking temperatures, famine and poaching are making it difficult for [Kenya]( to maintain its national identity. Telltale Maps and Charts “Let’s hear it for the heat pumps!” is probably not a sentence you’ve ever heard, said or read. Now you can at least cross that last one off the list. Lara Williams says that pumps “are likely to be the main tool used to make keeping homes warm more climate-friendly” and they [deserve more cheerleaders](. “Brits living with heat pumps are overwhelmingly satisfied with them,” she writes, and this chart shows exactly how much. Satisfaction with other renewables, such as solar panels, has been described as “[contagious](.” Maybe the same will happen with heat pumps? Cough cough: Last week, there was a surprise coup in Niger, and Andreas Kluth says [the unfolding disaster]( is embarrassing (to the West), ominous (because Putin supports it), catastrophic (for jihadist terrorist reasons) and apocalyptic (the whole thing could turn into WWIII). Supporters of the coup — the fifth since Niger’s independence in 1960 — were seen [waving Russian flags]( and denouncing France. It joins the half dozen other [putsches]( in the region, Andreas writes: “Chaos now reigns from the Atlantic to the Red Sea. If there is hell on Earth, it’s the Sahel, the arid and wretched savannas south of the Sahara.” Further Reading Why did Italy have to go and [ruin beach time]( for bankers? — Rachel Sanderson Trump won’t be the last: Congress has to stop [election interference](. — Noah Feldman Private equity can help both [cash-hungry colleges]( and student-athletes. — Adam Minter A [political scandal]( in Singapore? It’s an eyesore, but it’ll go away. — Daniel Moss Modi’s [police violence coverup]( has implications for security. — Ruth Pollard Messaging someone on [LinkedIn]( is a little too spicy for the SEC. — Matt Levine ICYMI [Ghost gun]( restrictions are back. Everyone wants to make $170,000 [at UPS](. [Rockaway Beach]( had a shark attack. So Many Kickers It’s [Rat Girl]( summer. The [cleverest fish]( in the sea. Florida divers found [32 cars](. Oscar Mayer debates [hot dogs or legs](. (h/t Andrea Felsted) [The Croissant Theory]( that explains everything. A [synthetic alcohol]( with no hangover. Scientists want to shrink the “[unknome](.” [Foaming watermelons]( should not be consumed. Notes: Please send [croissants]( and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads](, [TikTok](, [Twitter](, [Instagram]( and [Facebook](. Follow Us You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](