☕️ Disappointing

Recapping Apple's wild week... September 04, 2021 [View Online]( | [Sign Up]( [Daily Brew]( TOGETHER WITH [Cometeer]( 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 MARKETS Nasdaq 15,363.52 +0.21% S&P 4,535.43 -0.03% Dow 35,369.09 -0.21% Bitcoin $50,099.03 +1.10% 10-Year 1.326% +3.6 bps Ethereum $3,930.64 +3.08% *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean](. 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. ECONOMY [Delta Crashes the Jobs Party]( [Crashing through a window]( Giphy 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. - 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. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Delta%20Crashes%20the%20Jobs%20Party%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F09%2F03%2Fdelta-crashes-jobs-party%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A COVID [Boosters Turn Into a Three-Shot Circus]( [Vaccine tracker]( 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. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Booster%20Vaccine%20Doses%20Turn%20Into%20a%20Three-Shot%20Circus%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F09%2F03%2Fbooster-vaccine-doses-turn-threeshot-circus%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TECH [Apple's Crazy Week]( [Gold Apple] Francis Scialabba 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. - A judge [refused to throw out]( a lawsuit that accuses Apple’s Siri of recording private conversations and sending them to third parties. - 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. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Apple%27s%20Crazy%20Week%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F09%2F03%2Fapples-crazy-week%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A SPONSORED BY COMETEER [Your Coffee Future Is Frozen](#) [Cometeer]( 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!]( GRAB BAG [Key Performance Indicators]( [BADEN-BADEN, GERMANY - FEBRUARY 04: Banksy's ] Alexander Scheuber/Getty Images 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]() �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Key%20Performance%20Indicators%3A%20September%204%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F09%2F03%2Fkey-performance-indicators-september-4%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A ENTERTAINMENT [Sugar, Butter, and Flower Returns to Broadway]( [Sara Bareilles performing in Waitress on Broadway]( Bruce Glikas/Getty Images 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. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Musicals%20%27Waitress%27%20and%20%27Hadestown%27%20Return%20to%20Broadway%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F09%2F03%2Fmusicals-waitress-hadestown-return-broadway%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A WHAT ELSE IS BREWING - [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. - [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. - [Meat giant Tyson Foods]( is offering frontline workers paid sick leave for the first time as part of its deal with a union. - [Remington](, the gunmaker being sued by families of victims killed in the Sandy Hook shooting, has subpoenaed the records of nine of those victims. - [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. SPONSORED BY ETHOS LIFE [Ethos Life]( Life is already complicated. Life insurance doesn’t have to be. [Ethos]( makes the life insurance process easy, affordable, and speedy. Their 100% online application has just a few health questions and can be completed within a matter of minutes—no medical exams required. Ethos offers a variety of different coverage options that you can adjust to fit your budget and your needs, without any upselling. [Help protect your family for as little as $10 per month—in just 10 minutes](. BREW'S BETS 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: - What’s the [first major news story]( you remember as a kid? - Is Roy Kent from Ted Lasso a [computer-generated image](? - What are Beyoncé’s [best songs](? (Happy b-day by the way) GAMES [Brew Crossword](#) [Brew Crossword ]( Keep your brain firing for 15 more minutes to solve [this week’s crossword](. Then, you have permission to shut it off. SHARE THE BREW We think you should [share the Brew.]( Not only is it a smart thing to do for your friends, it’s also the smartest way to get showered in free Brew swag and exclusive content. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a](             Written by [Neal Freyman]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW?  Retail newsletter → [Retail Brew](  Tech newsletter → [Emerging Tech Brew](  Marketing newsletter → [Marketing Brew](  Recommendations newsletter → [Sidekick](  Business podcasts → [Business Casual]( and [Founder's Journal]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2021 Morning Brew. All rights reserved. 22 W 19th St, 8th Floor, New York, NY 10011