September 05, 2026

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Welcome to the long weekend! We’ll be in your inbox tomorrow with a Sunday Special, but we’re taking a break on Monday to consume as many hot dogs as possible while wearing white shoes before the season ends. But you won’t have to miss us too much—we’ll be back with a newsletter on Tuesday morning.

—Sam Klebanov, Molly Liebergall, Dave Lozo, Matty Merritt, Holly Van Leuven, Abby Rubenstein

In today’s newsletter, we’ll look at:

The US adding more jobs than expected last month
Record-breaking diesel prices
A brazen theft of beer

Markets

Nasdaq

26,506.99

-0.29%

S&P

7,718.6

-0.38%

Dow

53,414.25

-0.51%

10-Year

4.784%

+2.0 bps

Bitcoin

$79,757.55

-2.26%

Lululemon

$100.61

-17.38%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

Markets: Stocks were back in “good news is bad news” territory yesterday, falling as investors digested the news that the US added more jobs than expected in August, potentially making the Fed more likely to hike rates (more on that below).

Stock spotlight: Lululemon did a downward-facing dog after cutting its revenue and profit guidance and reporting disappointing Q2 sales.

GREAT JOB

There’s surprising good news about the job market

Now Hiring sign hanging against a green graph and blue background

Francis Scialabba

August blindsided everyone, and not just by how fast summer ended: The US added 162,000 jobs last month, according to government data released yesterday. That’s more than triple the number that economists polled by Dow Jones predicted.

Plus, the unemployment rate remained at 4.1%, and the share of Americans who gave up on looking for work or worked part time due to a lack of full-time options dropped slightly.

Unlike in prior months, the job gains weren’t mostly in healthcare:

Restaurants and bars added 59,000 workers. Construction and manufacturing payrolls grew by 22,000 and 16,000, respectively, while public schools gained 42,000 employees, rebounding from July’s decline.
But the information sector—which includes tech jobs—shed 23,000 workers, which some analysts said could reflect AI automating white-collar work.

Overall: After job growth was revised upward by a total of 55,000 for the previous two months, the US added an average of 80,000 jobs monthly so far in 2026—an improvement from less than 10,000 per month last year, but below the pace of hiring in 2023 and 2024.

It’s not all rosy: Inflation outpaced the yearly wage growth, which slowed to 3.1%, down from 3.7% pay growth a year ago.

Stronger case to hike interest rates

Analysts say that now that the job market looks healthier, the Fed will focus on inflation data due next week as it mulls whether to hike interest rates at its next meeting on Sept. 16.

Wall Street thinks a rate hike has become more likely: The trading odds of a rate hike increased from 49% to 59% yesterday. The 2-year Treasury bond yield—which is closely correlated with the interest rates the Fed sets—also rose yesterday.

But President Trump issued a blistering threat…that if the Fed doesn’t react to the employment rebound by slashing interest rates, he’ll end trade with nations that have a trade deficit with the US—a long list that includes the EU and China.—SK

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World

Tour de headlines

A man refueling a semi truck with diesel

Brandon Bell/Getty Images

⛽ US diesel prices hit a record high. US diesel prices reached an all-time high of $5.85 per gallon yesterday, as the Iran war continues to drive up energy costs. Diesel is most commonly used in the US by commercial vehicles, including trucks and trains. But those increased fuel costs impact consumer goods by upping the transportation costs for items like groceries and packages ordered online, resulting in higher prices. Gasoline prices have also been rising, though not as quickly as diesel prices. Gas cost an average of $4.15 a gallon as of yesterday—and has never before cost more than $4 on Labor Day, per AAA.

⚖️ Mistrial declared in Lindsay Clancy murder case. The trial of Clancy—who killed her three children in 2023 in what the defense claimed was postpartum psychosis and prosecutors claimed was intentional murder—ended in a mistrial yesterday, after the jury failed to reach a unanimous verdict on their seventh day of deliberations. The judge, who refused to remove what the jury foreperson reportedly described as the lone juror holding out against an acquittal, gave the defense a brief opportunity to appeal to a higher court, but declared a mistrial when the appeal was rejected. Prosecutors will now have to decide whether to retry the high-profile case, and Clancy is likely to remain institutionalized for now.

🏀 Controversial WNBA commissioner to retire. The basketball league said yesterday that its commissioner, Cathy Engelbert, will retire at the end of this year. Her successor has not yet been named. Engelbert, who was the league’s first commissioner, oversaw a period of major growth for women’s basketball during her seven years at the helm, with viewership skyrocketing and an expansion of the number of teams in the league. The average value of a WNBA franchise was $10 million in 2019—now, it’s $460 million, according to ESPN. But Engelbert’s leadership also drew strong criticism from players concerning compensation and the league’s response to harassment.—AR

BEER BURGLARS

PBR wants your help finding $70k of stolen beer

Unsplash

Pabst Blue Ribbon is using a recent beer heist to tap into the zeitgeist. This week, the lager-maker spun a theft of its cargo into a marketing campaign, offering up to $20,000 as a reward for information that helps track down a frat house’s worth of beer that got snatched last month.

ICYMI: In two back-to-back swipes, brewski thieves stole more than 1,500 cases of Pabst Blue Ribbon and non-alcoholic Old Milwaukee beer—snagging a total of approximately 34,000 cans, worth ~$70,000—from a Southern California warehouse. One shipment of beer vanished en route to Arizona, while another was picked up by a group that forged documents to pose as a subcontracting company, according to local police.

“Kudos to them, perhaps. I’m sure they look cool with a garage full of PBR,” Pabst CEO Greig DeBow said in a TikTok post announcing the bounty and asking the thieves to return the beer. Pabst has posted several times since getting its cans pilfered to lightheartedly ask the public to keep its eyes peeled for a “missing truck.”

Getting robbed is the hot new marketing campaign: PBR is following in the footsteps of KitKat, which similarly capitalized with social media posts and even a “Stolen KitKat Tracker” after thieves snagged 400,000+ candy bars earlier this year. The campaign earned a Cannes Lions trophy this summer.—ML

This week’s question

What’s something beautiful you saw recently that made an impression?

Sam’s answer to get the juices flowing: “On a recent trip to a flea market, I spotted a statuette of a lady dressed in a flowing trench coat made out of rough-sawn wood, while her hands and behatted head were molded from clay. The unusual combination of the two materials into such an elegant form made it not just an ordinary trinket, but a sculptural masterpiece.”

Submit your response here.

recs

The right way to clean your water bottle, according to microbiology experts.
Imagine being someone else with this site that puts a human life together at random from real data.
See how US home prices have changed from 1985 to 2025.
It’s not too early to start getting spooky.**

Could walking support lymphatic drainage? Take the quiz to find your ideal walking goal for weight loss and reducing puffiness. One user lost 54 lbs without stepping foot in the gym.*

^{*A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission.}

Play

Brew Crossword: The latest edition of our big puzzle is called “Cultural Exchange.” Hope you remember your homophones! Play the Crossword here.

Open House

Welcome to Open House, the only newsletter section searching for the perfect porch. We’ll give you a few facts about a listing and you try to guess the price.

Zillow

Today’s homestead is a piece of Wytheville, VA, history. While the main home was built in 1908 (and has been updated with modern touches since then), the original stone home on the property is even older. Local legend and Revolutionary War veteran Lt. John Crockett settled the land and built it in the late 1700s. Amenities include:

5 beds, 4.5 baths
Babbling creek
Two fridges that would give a pioneer a heart attack

How much for this historic farm?

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Answer

$1.5 million

Word of the Day

Today’s Word of the Day is: bounty, meaning “a financial reward paid for a specific service.” Thanks to Alexa from New Orleans for the profitable suggestion. Submit another Word of the Day here.

✢ A Note From Doroni

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Written by Abigail Rubenstein, Sam Klebanov, Molly Liebergall, Dave Lozo, Matty Merritt, and Holly Van Leuven

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