☕ New numbers

The US hasn't added as many jobs as it thought... August 22, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Monogram]( Good morning. New gig alert: Tesla is hiring people to train its humanoid robot, Optimus, by wearing a motion capture suit and “performing designated movements” like walking so it can collect data. Are you a good fit to train a robot? According to the [job description]( candidates must: - Be able to walk over seven hours a day while carrying up to 30 pounds. - Stand between 5'7" and 5'11" (perfect for our Medium Kings). - Have the ability to stand, sit, walk, stoop, bend, reach, crouch, and twist throughout the day. Sorry, 6'5" blue-eyed man in finance. —Molly Liebergall, Cassandra Cassidy, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 17,918.99 +0.57% S&P 5,620.85 +0.42% Dow 40,890.49 +0.14% 10-Year 3.778% -4.0 bps Bitcoin $61,391.27 +3.30% Target $159.25 +11.20% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: Investors got more confirmation yesterday that the Fed will be ready to cut interest rates in September from the newly released minutes of the Fed’s last meeting, sending stocks [climbing]( like Alex Honnold. Target jumped up after its quarterly sales figures hit a bull’s-eye.  ECONOMY [We’ve added way fewer jobs than we thought, US says]( [Nicki Minaj meme]( Your Meme Like the right hook you swore would put up major points on the bar’s punching bag machine, US employment growth has been much weaker than previously reported, according to data released yesterday by the Labor Department. The figures indicate that the job market has cooled so severely that it now nears a breaking point if employers don’t feel rate-cut relief soon. Oops. The agency said it [overstated]( employment numbers in its jobs report for the 12 months through March 2024 by 818,000, which cuts the number of jobs added in that period from a previously estimated 2.9 million to ~2 million. The revision itself is normal—the Bureau of Labor Statistics retroactively adjusts monthly employment numbers every year. According to yesterday’s numbers, which are supposed to be more comprehensive than monthly payroll figures alone: - The 28% downward revision is the largest adjustment issued since 2009. - Professional and business services jobs accounted for about half of the discrepancy. - Employment for the year through March 2024 rose 1.3% instead of the previously estimated 1.9%. But these numbers are only preliminary and won’t be finalized until February. FWIW, Goldman Sachs analysts think the revision should be smaller. On the bright side…markets didn’t flinch. Economists were expecting a large revision; some even braced for a revision of 1 million jobs. But workers are feeling it...in a July survey of American workers, 4.4% said they [expect to lose]( their jobs in the next four months—the highest rate ever recorded. Up next: The pressure is on for Jerome Powell’s big speech in Jackson Hole tomorrow. Investors will be watching for any hints about the Fed’s next moves—especially how fast and how big interest rate cuts might be.—ML PRESENTED BY MONOGRAM [Beyond Nasdaq…lies new investment potential]( [Monogram]( [Monogram (Nasdaq: MGRM)]( known for their autonomous robotic surgical systems, completed a crowdfunded public offering and Nasdaq listing last year. What’s next? They just filed for FDA approval to market and commercialize their patented AI joint replacement tech. By the year 2027, 50% of knee replacement surgeries will be robotic—up from 12% today. Now, Monogram’s offering [a new chance for investors]( the opportunity to invest in preferred stock with an 8% dividend yield (in cash or kind). Their common stock traded as high as $2.75 in the past week, but the unlisted preferred stock (which is convertible into one share of common) is available for $2.25/share. [Monogram currently plans to close the Series D Preferred offering on September 12, 2024](. WORLD [Tour de headlines](#) [A Target store shelf with a tag advertising lower prices ]Joe Raedle/Getty Images Target’s discounts worked. Target pulled itself out of a sales slump, with same-store sales [rising]( last quarter for the first time in a year after discounts on staple items helped lure shoppers back to its stores. Same-store sales went up 2%, and profit jumped 36%. It’s the latest sign that consumers are ready to spend—but only if they’re getting a bargain. Walmart and TJ Maxx also posted strong sales, while sales at higher-end stores like Macy’s and home improvement chains have sagged. Divers recovered five bodies from UK entrepreneur’s sunken yacht. After days of searching, rescue crews [found]( the bodies of five of the six people missing since the Bayesian [sank]( off the coast of Sicily on Monday during a celebration of Autonomy founder Mike Lynch beating fraud charges. Authorities did not immediately identify the bodies, but Lynch and his 18-year-old daughter, as well as his lawyer, Chris Morvillo, and his friend, Morgan Stanley International Chairman Jonathan Bloomer, and their wives were all missing after the shipwreck. Fifteen other people, including Lynch’s wife, were rescued in the aftermath, and the body of the yacht’s cook was found earlier. McDonald’s Instagram appears to have been hacked to promote a crypto scam. The burger chain was probably not lovin’ it when [hackers]( appeared to take over its social media account to promote a memecoin named for its fuzzy purple Grimace character (the one with the shake). A screenshot passed around online purports to show the company’s bio changed to a message from the hackers saying they’d stolen $700,000 through a crypto rug-pull scam with the memecoin, whose value reportedly rapidly rose and fell. McDonald’s told the NY Post it was “aware of an isolated incident that impacted our social media accounts” that had been resolved. AUTO [Ford’s 3-row electric SUV will remain a dream]( [Photo of a Ford vehicle in a factory]( alliance/Getty Images Ford has come a long way since the Model T, but like many of its peers, it still hasn’t figured out how to make electric vehicles profitable. The company announced a series of [changes]( to its money-losing EV strategy yesterday as consumers’ capricious attitudes toward plug-in cars force auto companies to [rethink]( their plans for an electric future. In addition to canceling the three-row SUV, Ford delayed the launch of a new electric pickup again—this time until 2027—and revealed plans to cut spending on EVs from 40% of its budget to 30%. Why’d it step on the brakes? Ford’s EV business has been costly, and it is on pace to lose about $5.5 billion this year. Demand for fully electric cars remains tepid, while competition from cheaper (and many say [better]( Chinese EV companies is fierce. The change may save Ford’s balance sheet in the long run, but it’ll hurt short-term, as the delays and cancellations total nearly $2 billion in sunk costs. Instead, Ford is pivoting. It will focus on [hybrids]( and other electric vehicles in models that it already knows it can sell, including a new hybrid version of its popular SUV styles, an electric commercial van, and two electric pickups—one of which will be a midsize model headed up by a former Tesla exec.—CC TOGETHER WITH FINANCEBUZZ [FinanceBuzz]( Tackle your credit card debt with 0% interest until nearly 2026. If you have outstanding credit card debt, getting a new 0% intro APR credit card could help ease the pressure while you pay down your balances. Our credit card experts identified [this top credit card]( that is perfect for anyone looking to pay down debt and not add to it. You can also earn up to 20,000 miles after spending just $500 on purchases in your first three months! [Click through to see what all the hype is about](. WORK [Noncompetes aren’t going away]( [A hand signing a noncompete agreement]( Images Heads up to job-hoppers: A Texas federal court [blocked]( the Federal Trade Commission’s ban on noncompete agreements, which was slated to take effect on Sept. 4 and would have impacted ~30 million American workers. Judge Ada Brown ruled Tuesday that the FTC went beyond its authority when it [voted]( 3–2 in April to outlaw most contracts that keep employees from defecting to rival companies or starting new competitors. In what reads as a judicial body slam to FTC Chair Lina Khan, the judge wrote, “The role of an administrative agency is to do as told by Congress, not to do what the agency think[s] it should do.” What’s at stake? Besides how easy it is for you to actually quit your job rather than just quiet quit: - The FTC claimed the ban would lead to higher wages and the creation of 8,500+ new businesses a year. - Business groups like the Chamber of Commerce and employers—including Ryan LLC, the Dallas tax firm that brought the Texas suit—say noncompetes are necessary to protect companies’ intellectual property and investments in employee training. Looking ahead…the FTC said it’s “seriously considering a potential appeal.” Congress could also step in, as lawmakers have previously introduced bipartisan bills to bar noncompetes.—AR STAT [Prime number: Summer pumpkins](#) [A pumpkin with a Starbucks logo carved into it]Francis Scialabba Your Insta feed may not be full of girls in infinity scarves yet, but one telltale sign of fall has pushed its way into August: The Starbucks Pumpkin Spice Latte [returns today](. It’s the earliest the coffee chain has rolled out its fall menu in the sweet drink’s 21-year history, per CNN. The early debut of the autumnal favorite likely comes from the same impulse that recently led Starbucks to poach Chipotle’s CEO—the company wants to juice sales after two consecutive quarters of same-store declines. About 10% percent of the chain’s sales come from seasonal items. If you’re eager to embrace the crisp fall day mindset, the new menu also includes other pumpkin- and apple-flavored options. NEWS [What else is brewing](#) - [Robert F. Kennedy Jr.]( reportedly plans to end his presidential bid and endorse Donald Trump. He’s scheduled to make an announcement tomorrow. - [Shein]( slapped rival Chinese e-commerce company Temu with a copyright infringement lawsuit. The two have frequently squared off in court as they battle for the world’s bargain dollars. - [Former FTX exec Ryan Salame]( has asked a court to void his guilty plea, saying the government reneged on a promise not to investigate his domestic partner for campaign finance violations. Salame is scheduled to begin his more than seven-year prison sentence in October. - [Instagram]( is testing doing away with squares and making the images on profile pages vertical rectangles. - [Lionsgate]( has pulled its most recent trailer for Francis Ford Coppola’s Megalopolis following reports that it included fabricated quotes from famous movie critics dissing the director’s iconic films. RECS [To do list Thursday] Read like a CEO: The books of the [Silicon Valley canon](. Go down the rabbit hole: Can you find the [celebrity image]( Reddit is [hunting]( for? Picture the scene: Photos of a [16th-century palazzo]( redesigned by the director of Call Me by Your Name. Watch: How AI might help us [talk to animals](. Excel: Get the [best-selling Morning Brew deskpad]( that supercharges your Excel use, now back in stock. Invest: Preferred stock is often unavailable to the public, but [Monogram]( (Nasdaq: MGRM) is offering everyone the opportunity to purchase Monogram preferred stock with [an 8% dividend]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Today’s crossword is about nothing. [Play it here](. Three Headlines and a Lie Three of these headlines are real, and one is faker than a celebrity’s teeth. Can you spot the odd one out? - Flights [canceled]( in Japan after scissors go missing - Popular weight-loss drug may cause [runny nose]( - [Planet]( as light as cotton candy surprises astronomers - Chick-Fil-A hatches plans for [streaming service]( as reality TV comes home to roost SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER We made up the one about the weight-loss drug. Word of the Day Today’s Word of the Day is: autumnal, meaning “of, relating to, or characteristic of autumn.” Thanks to Garnet from Alaska and several other seasonally minded readers for the cozy suggestion. Submit another [Word of the Day here](. ✢ A Note From Monogram This is a paid advertisement for Monogram Technologies’ Series D Preferred Stock offering. A prospectus supplement and accompanying base prospectus have been filed with the SEC. Before making any investment, you are urged to read the prospectus supplement and accompanying base prospectus carefully for a more complete understanding of the issuer and the offering. ([( The securities offered by Monogram are highly speculative. Investing in these securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Investors must understand that such investment could be illiquid for an indefinite period of time. There is no existing public trading market for the Series D Preferred Stock. Monogram does not intend to apply for listing of the Series D Preferred Stock or the common stock purchase warrants on a national securities exchange or quoted on an over-the-counter market. DealMaker Securities LLC, a registered broker-dealer and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA’s BrokerCheck. Written by [Neal Freyman]( [Molly Liebergall]( [Cassandra Cassidy]( and [Abigail Rubenstein]( Was this email forwarded to you? Sign up [here](. 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