☕ Big jobs

Why it looks like the laws of economics no longer apply... February 04, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Droplette]( Good morning. On this day 19 years ago, Harvard sophomore Mark Zuckerberg launched The Facebook. The site eventually became just “Facebook” after Sean Parker reportedly told Zuck to drop the “The.” Which got us thinking: What other names could be improved by dropping the “The”? A few ideas… - Bronx - Hobbit - Dwayne “Rock” Johnson - Ohio State University Thoughts? —Sam Klebanov, Jamie Wilde, Abby Rubenstein, Max Knoblauch, Neal Freyman MARKETS Nasdaq 12,006.96 -1.59% S&P 4,136.48 -1.04% Dow 33,926.01 -0.38% 10-Year 3.524% +12.2 bps Bitcoin $23,460.00 -0.00% Amazon $103.39 -8.43% *Stock data as of market close, cryptocurrency data as of 4:00am ET. [Here's what these numbers mean.]( Markets: Stocks ended the week [subdued]( yesterday when a red-hot jobs report once again got investors biting their nails over what the Fed will do next—though the S&P and Nasdaq both eked out positive weeks. The tech stock rally started losing steam after several big companies reported disappointing quarterly results, with Amazon being the one investors cooled on most.  ECONOMY [Hiring refuses to slow down]( [Now hiring sign ]( Francis Scialabba The seemingly endless announcements of mass layoffs notwithstanding, Americans haven’t been this employed in more than fifty years. The Bureau of Labor Statistics [said]( yesterday that the US added a whopping 517,000 jobs last month and the unemployment rate dropped slightly, to 3.4%—the lowest it’s been since 1969. The jump in new hires was almost triple what experts predicted and amounts to the biggest monthly gain since July. So, where has “you’re hired!” been exclaimed the most? - The sectors with the most job creation were leisure and hospitality (128,000), professional and business services (82,000), and government (74,000), with the last figure partially due to formerly striking state university employees returning to work. The news of the January jobs bonanza comes on the heels of a Department of Labor [report]( that said over 11 million jobs were open at the end of last year. So, while tech giants like Alphabet, Meta, and Amazon have all laid people off, many workers may be getting both severance packages and job offers. The IT sector was still looking to fill 109,000 job openings as of December, and tech workers were [wanted]( at companies like PwC and Northrop Grumman. Why no one saw this coming On Wednesday, the Federal Reserve raised interest rates for the eighth time since last March as part of its ongoing efforts to combat historic inflation. As any freshman economics textbook will tell you, the Fed’s moves are liable to drive up unemployment and threaten to tip the economy into a recession. But this round of jobs data suggests that we must be living in a parallel reality, where the laws of economics don’t apply: Job growth just keeps on trucking, while inflation has been slowing. Looking forward: The rapid job creation dampens hopes that the Fed will stop raising interest rates in the next few months. But a labor market seemingly signaling “can’t nobody hold me down” eases fears of an impending recession.—SK �  �  �  TOGETHER WITH DROPLETTE [Fall in love with your skincare routine]( [Droplette]( You wouldn’t waste time or money on a bad relationship, so why do that with your skincare? 90% of traditional products never actually absorb into the skin—they’re wiped or sweated off before making a difference. [Droplette’s]( breakthrough technology supports your skin by transforming serums into tiny, high-velocity micro-drops that get 20x deeper, where they are most effective. The result feels like a gentle mist but delivers an injectable alternative without needles or pain. This means ingredients like collagen, often notoriously too large for absorption, can absorb into the skin successfully, leaving it hydrated and plump. It’s time to break up with disappointing skincare and get into a healthy relationship with Droplette. Brew readers [save 50% on Droplette devices with code BREWLOVE](. WORLD Tour de headlines [The news showing frigid temperatures forecast for New England]ABC News screenshot 🧊 New England’s being hit with an epic cold snap. Blame it on Puxsutawney Phil: Yesterday, the windchill at New Hampshire’s Mount Washington dipped to -106°F, the lowest ever recorded in the US. Warnings about the [extreme weather]( are in effect throughout New England. This morning, the chill factor could plummet to -10°F in New York City, -33°F in Boston, and as low as -60°F in Maine. Elon Musk off the hook for one of his many tweets that did not age well. A jury found the Tesla CEO [not liable]( for investors’ losses after his 2018 tweet that he had “funding secured” to take the electric car company private for $420 per share. Investors had been seeking billions of dollars in damages to cover their losses due to a sell-off that took place in the days after the tweet. Musk has long contended that there was nothing wrong with the tweet, even though he settled when the SEC sued him over it. Battle of the beans. Anyone walking by the corner of Leonard and Church Streets in NYC might be wondering how they ended up in Chicago. A sculpture reminiscent of “the bean” in Chicago’s Millennium Park has [just been installed]( in TriBeCa, and the resemblance is not a coincidence: The reflective sculpture was created by the same British artist, Anish Kapoor, as the one in Chicago. NYC media is [criticizing]( the new bean for diminishing New York’s original flair, but the real loser here is Boston, the actual Beantown, which is still without a bean. ESPIONAGE [This is not a party balloon]( [The suspected Chinese spy balloon]( Chase Doak Not since Balloon Boy has a balloon flying over the Rocky Mountain region caused such a kerfuffle: Yesterday, the US [canceled]( the secretary of state’s planned visit to China after a suspected Chinese spy balloon was spotted over military sites in Montana before drifting eastward. China claimed the object, which is still floating over the US, is merely a “civilian airship” conducting weather research that got blown off course, and expressed “regrets” for the incident. The Pentagon, however, is giving that as much credence as it would a liposuctioned celebrity paid to hawk weight loss teas. Why bother with a balloon when China has satellites and TikTok to spy with? The older technology is cheaper to deploy and can be fitted with modern tech like cameras and radar sensors. Plus, they can linger over a spot longer than satellites can. But experts say the most likely reason China went with a balloon was to [make a statement]( that it’s ready to take the US on. It likely even wanted to get caught snooping. Zoom out: This probably isn’t going to help warm up the frosty relations between the US and China. The two countries have been feuding lately over issues like chip technology and the status of Taiwan.—AR �  �  �  TOGETHER WITH PRIMAL KITCHEN [Primal Kitchen]( Extra sauce, plz. How can a turkey + bacon + avocado sandwich go from “pretty good” to “you have to try this”? The secret’s in the sauce: [Primal Kitchen Buffalo Mayo](. It’s creamy. It’s a li’l spicy. And it’s a great dip for veggies or fries, too. Get saucy and find it in stores or [take 25% off your online order with code MORNINGBREW](. --------------------------------------------------------------- What’s your fave sandwich condiment? [️ Spicy mayo]([️ BBQ sauce]([️ Mustard]([️ Mayo]( FOOD [Sushi terrorists post their germy deeds on social media]( [Bitten sushi on a conveyor belt]( Francis Scialabba Young adults in Japan are committing crimes [against sushi](—and we don’t mean ordering California rolls. Social media posts of people touching, licking, and otherwise messing with food as it travels by at conveyor belt restaurants have gone viral and caused some to question Japan’s communal values. What’s going on? At the end of January, the term “sushi tero” (which means sushi terrorism) was used to caption a video of someone licking the inside of cups and soy sauce bottle caps at the “sushi train” chain Sushiro. The clip has racked up over 40 million views on Twitter, made the rounds on Japanese broadcast news, and caused the stock of the restaurant’s parent company [to drop]( 5% on Tuesday. Before that clip ignited the trend by naming it, videos of other fishy acts—like slathering passing sushi with wasabi—had gone viral throughout the month. These incidents, [explains the Japan Times](, stem from a wider, yearslong prank video trend. Big picture: Conveyor belt restaurants are a 740 billion yen (or $5.7 billion) industry in Japan, per Teikoku Databank. Restaurant chains affected by sushi terrorism are taking legal action. And they’re also replacing circuitous belts with straight-to-the-customer ones or powering them down entirely. Some worry “trust-based businesses” like these simply don’t work in modern Japan.—JW �  �  �  GRAB BAG Key performance indicators [Milk being poured into a Starbucks coffee drink]Giphy Stat: If you’ve been relying on the Starbucks on the corner to get your heart pumping every morning, you’re paying five dollars to be served weak tea, er, coffee. A Starbucks cappuccino has five times [less caffeine]( than one from British chain Costa Coffee (66 milligrams vs. 325 milligrams), and the chain’s single espresso shot has about six times less than one from lunchtime staple Pret A Manger (Pret’s has 180 milligrams to the mermaid cup’s 33 milligrams), according to UK consumer group Which. Quote: “My watch thinks I’m dead.” You may want to leave your Apple Watch at home if you’re planning a big trip to Gstaad. The devices have been [mistakenly calling 911]( because their crash-detection feature keeps confusing trips down ski slopes for car wrecks. Could be Apple just doesn’t like fun, since the same feature previously made headlines for being triggered by roller coasters. Read: Are Wall Street’s short kings heroes or villains? ([The Atlantic]() CARTOON Saturday sketch [Netflix execs brainstorming ways to crack down on password sharing]Max Knoblauch NEWS What else is brewing - [More EVs](, including ones from Tesla, GM, and Ford, will be eligible for a $7,500 tax credit after the Treasury Department revised its definition of SUV. - [New government guidelines]( proposed yesterday would limit the amount of sugar allowed in school lunches for the first time. - [Dallas police]( nabbed the alleged monkey-napper suspected of stealing a pair of emperor tamarin monkeys and perpetrating other recent hijinks at the local zoo. - [Lizzo]( now has a trademark on the phrase “100% that b—h” after the USPTO reversed an earlier decision that it was too common for her to own. BREW'S BETS Weekend conversation starters: - What is it like to be a [one-hit wonder](? - Why are AI art generators so bad at [making hands](? - What are the [best TV episodes]( that are neither premieres nor finales? - Would [your deli guy]( trust your stock tips? It’s cold out there. [Make soup](. You’ve definitely seen him. Now hear what the [most photographed man on Wall Street]( has to say. Hands-off landlord: Become one with [DiversyFund](. Their platform makes it easy for everyone to invest in multifamily real estate without the hassle. Get on-demand access to your portfolio—while they deal with the logistics. [Get started](.* *This is sponsored advertising content. GAMES The puzzle section Brew crossword: What does a baker get after adding yeast? The circled letters in today’s crossword will reveal the answer. [Play it here](. Open House Welcome to Open House, the only newsletter section that’s wondering how many pool parties you’re really going to throw this summer. We’ll give you two different properties and you have to determine which one is more expensive. [Queens, NY home with pool next to Green Bay, WI mansion with much bigger pool.]Zillow Listing No. 1 (left): This [four bed, 3.5 bath]( contemporary colonial in Queens, NY, (Flushing, to be precise) has a massive living room that could double as a fancy dance studio if you’re cool with no furniture. In addition to 2,625 square feet of running-around space, the home features a saltwater pool and a hot tub. Listing No. 2 (right): The in-ground pool on the [second listing]( could probably double as an outdoor ice rink, because this home is located in Green Bay, WI. This 8,042 square-foot mansion is much more spacious than the Queens house, and its expansive outdoor area features a fireplace, a gazebo, and a pool house with a kitchenette. So, which house is more expensive? AROUND THE BREW [Enroll in Biz 101]( [Enroll in Biz](Futurama/20th Television The Brew’s Business Essentials Accelerator is an eight-week virtual course that will give you the key skills you need to succeed in your career. Don’t miss out on the Feb. 6 cohort—[apply today](. Getting into investing can be intimidating, but Money with Katie is here to help. Her free [Investing 101 series]( has everything you need to get started. IT Brew has the scoop on the biggest trends in cybersecurity, from AI to “zero trust.” [Check it out](. 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 The Queens home was sold for $1.48 million last June. The Green Bay home is listed for $2 million. � � � � � Written by [Neal Freyman](, [Abigail Rubenstein](, [Max Knoblauch](, Sam Klebanov, and [Jamie Wilde]( Was this email forwarded to you? Sign up [here](. Take The Brew to work - Marketers: [Marketing Brew](  [Future Social]( - Corporate: [CFO Brew](  [HR Brew]( - Tech: [IT Brew](  [Tech Brew]( - Retailers: [Retail Brew]( - Healthcare: [Healthcare Brew]( Get smarter in just 5 minutes - Money & Career: [Money Scoop](  [Money With Katie]( Business education without the BS - Programs in [Business Essentials](, [Analytics](, and [Leadership]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011