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TOGETHER WITH
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Good morning. As a means of normalizing “not having plans” on holiday weekends, I'd like to declare that I do not have any plans this weekend.
Well,
besides going to the US Open today. If you’re also heading over to
Queens, give me a shout. We can shake hands, wave from a
distance...whatever people do these days.
—Neal Freyman
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Nasdaq
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15,363.52
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S&P
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4,535.43
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Dow
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35,369.09
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Bitcoin
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$50,099.03
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10-Year
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1.326%
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Ethereum
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$3,930.64
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET.
Here's what these numbers mean.
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Markets: Stocks broadly fell
after a big jobs report whiff, but tech companies lifted the Nasdaq
higher. With the stock market closed for the next three days, let’s
check in on crypto, where bitcoin is on a nice little run and ethereum
briefly topped $4,000 for the first time since May.
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Giphy
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The August jobs report fell flatter than a high schooler’s rendition of “Defying Gravity.”
US employers added just 235,000 jobs
last month, compared to the 720,000 expected. Hiring was expected to
fall from the 1.1 million jobs added in July and 962,000 in June, but
nowhere near this much. It was the smallest employment gain in seven
months.
What happened: All our fears that Delta would slow the labor market’s recovery came true.
- Leisure
and hospitality, a sector that falters when Covid anxieties are higher,
reported no job increases last month. It was averaging 350,000 new jobs
a month over the past six months.
- Other industries that require in-person interaction also suffered. Restaurants lost 42,000 jobs, and retailers lost 29,000.
So which parts of the economy added jobs?
Professional and business services, manufacturing, and
transportation—industries that are not nearly as affected by the
pandemic as those in hospitality.
In total, there are 5.6 million fewer workers holding jobs in the US now than before the pandemic hit.
What happens next?
This jobs report whiff will reverberate around DC.
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The Biden administration will use it to show the economy still needs more support from the government, while urging the passage of the $1.2 trillion infrastructure bill and a $3.5 trillion spending package.
- It
also could delay the Fed’s plan to wind down its pandemic-era stimulus
measures, which Chair Jerome Powell indicated would begin this fall.
Looking ahead...the extra $300/week in federal unemployment benefits will expire this weekend for all the states that hadn’t ended them early. Studies show that it’s not likely to bring about major hiring increases, so don’t get your hopes up for a huge jobs rebound in September.
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When it
comes to rolling out Covid-19 vaccine booster shots, the Biden
administration may have put the cart before the horse, counted its
chickens before they hatched, ran before it—you get the point.
Federal
health officials, including the acting commissioner of the FDA and the
director of the CDC, have reportedly told the White House to scale back its plan to offer third vaccine shots later this month until they can review more data.
The backstory: President Biden announced that Americans who received Pfizer’s or Moderna’s vaccine could begin getting their third shots the week of Sept. 20, as long as it had been at least eight months since they got their second shot.
But in a
meeting at the White House this week, health leaders said those initial
boosters might need to be limited to just those who got Pfizer’s
vaccine, per reports.
Big picture: The necessity of third shots is still dividing the scientific community. While Dr. Fauci said this week that a third shot is “very likely” needed for a full regimen, other experts say there isn’t enough evidence yet to justify launching boosters.
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Francis Scialabba
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While many
companies tried to make as little news as possible this week, Apple had
one of the busiest stretches of the year. Let’s do this Memento-style and work backward.
Yesterday: Apple said it would delay
the rollout of its new software that scans devices for child sexual
abuse content so it can make improvements. The tech had come under fire
from privacy advocates.
Thursday: A legal double whammy.
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A judge refused to throw out a lawsuit that accuses Apple’s Siri of recording private conversations and sending them to third parties.
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The Financial Times also reported that the US National Labor Relations Board is investigating allegations that Apple retaliated against a senior engineer who complained about a harmful workplace.
Wednesday: Apple
offered its second App Store concession in less than a week, allowing
companies like Netflix and Spotify to direct users to payment methods
outside of the App Store. It also announced the beginning of the end for the physical wallet.
Zoom out: Apple
is trying to minimize damage to its lucrative App Store as it looks to
the bigger picture—the expected launch of its newest iPhone model this
month.
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Brewing barista-quality coffee shouldn’t turn your kitchen into a science fair.
Cometeer
provides a delicious brew in 30 seconds without equipment—just melt
their frozen capsule into a cup of water for coffee or milk for a latte,
hot or iced, and boom: fuss-free java.
So how’s it
work? They start by sourcing the best, seasonal beans from world-class
roasters, then use a custom-built, highly technical, precision-brewing
system to carefully calibrate a perfectly balanced cup with unprecedented aroma and complexity.
The brew is
then frozen in a blanket of liquid nitrogen at -321 F to lock-in peak
flavor, packed into recyclable capsules, and shipped straight to you.
Cometeer has
netted $50M+ from notable VCs, unicorn founders, and coffee vets to
build out a 70k facility to manufacture and deliver the first-ever frozen coffee.
Celebrate this Labor Day with a latte.
Get 50% off your first order of Cometeer—that’s 16 free cups!
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Alexander Scheuber/Getty Images
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Stat: Remember
in 2018 when Banksy’s famous “Girl With Balloon” painting
self-destructed after being bought at auction for $1.4 million? That half-shredded
painting, now known as “Love is in the Bin,” will be sold by Sotheby’s
on October 14. Experts estimate it could sell for up to $8.3 million, or
six times its previous selling price.
Quote: “Just bought my first ETH! Let’s do this #cryptotwitter”
Reese Witherspoon is the latest celeb/business mogul dipping her toe into cryptocurrencies.
Read: They saw a YouTube video. Then they got Tourette’s. (Wired)
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Bruce Glikas/Getty Images
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Finally, some hopeful news to all of us who ate our high school lunches in the band room: Musicals Waitress and Hadestown returned to sold-out Broadway theaters Thursday night.
Big picture: Covid
has been more damaging for the musical theater industry than Russell
Crowe’s turn as Javert. Broadway shut down its 41 theaters on March 12,
2020, devastating those who work in the sector as well as the Midtown
Manhattan businesses supported by them.
Which is why
Broadway’s return is so critical for NYC’s recovery, both economically
and emotionally. In fact, the crowd was so overwhelmed with joy at Waitress that they gave a standing ovation to a prerecorded message telling them to keep their masks on, per the NYT.
Looking ahead...Broadway’s return will really pick up steam on September 14, when heavyweights The Lion King, Hamilton, Wicked, and Chicago will restart performances.
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Bumble
and Match Group are creating relief funds for people affected by
Texas’s new abortion law. The rest of corporate America has stayed
mostly silent on the issue.
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Democrats
are planning several new tax schemes to pay for their $3.5 trillion
budget bill, targeting firms with outsized CEO pay and companies that
buy back lots of their stock.
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Meat giant Tyson Foods is offering frontline workers paid sick leave for the first time as part of its deal with a union.
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Remington,
the gunmaker being sued by families of victims killed in the Sandy Hook
shooting, has subpoenaed the records of nine of those victims.
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The US
will admit at least 50,000 Afghans for resettlement following the
Taliban’s takeover of their country, per Homeland Security Secretary
Alejandro Mayorkas.
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Life is already complicated. Life insurance doesn’t have to be. Ethos
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The only “One”: To celebrate Keanu Reeves’s birthday this week, watch one of his training sessions for the fight scenes in The Matrix.
Weekend Conversation Starters:
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Keep your brain firing for 15 more minutes to solve this week’s crossword. Then, you have permission to shut it off. | |
Joe Biden has failed MISERABLY - truly worse than anyone could have imagined - and we are all paying the price.
He ABANDONED American citizens in Afghanistan
He gave the Taliban our military equipment
He left American K9’s in Afghanistan
And so much more.
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In the News
| "Conservative commentator Candace Owens
said she was denied service by a COVID-19 testing facility in
Aspen, Colorado, over her political beliefs in a video posted to
Instagram on Wednesday night. After booking a testing appointment, Owens
said, 'My assistant comes to me and her face is white, and she’s like,
you are not going to believe this, we just received an email from the
COVID facility that they are declining to give you a test because of who
you are," wrote Elle Reynolds in an article for the Federalist. |
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Read more here |
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FEATURED BIOGRAPHY
Beyoncé
American singer
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FEATURED EVENT
1781
Los Angeles founded
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2006: Australian wildlife conservationist and television personality Steve Irwin, who achieved worldwide fame as the exuberant and risk-taking host of The Crocodile Hunter (1992–2006) TV series and related documentaries, was killed by a venomous bull stingray.
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SEE ALL BIOS ON THIS DAY
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US Expects to Admit More Than 50,000 Evacuated Afghans
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