• Markets: Balance in all things: Bad news about the labor market was good news for the stock market. Stocks surged yesterday, with Nvidia’s rise pushing the Nasdaq to a new intraday record, following the release of a weak jobs report (more on that below). Falling bond yields and oil prices also helped.
• Stock spotlight: Tesla accelerated after revealing more Q3 deliveries than expected, even if it was still 2% less compared to a year ago.

Work to be done

Illustration: Morning Brew Inc., Joe Raedle/Getty Images

Relatively few Americans had to come up with a fun fact to share with their new coworkers last month. The US added an underwhelming 29,000 jobs in September, the government said yesterday—below the 84,000 that economists surveyed by Dow Jones expected.

Government data released yesterday shows that last month:

• Even healthcare, typically the all-star job-creating industry, disappointed, gaining just 17,000 workers, compared with the 33,000 jobs it added in an average month over the past year.
• Construction and manufacturing added a modest 11,000 and 9,000 jobs, respectively.
• AI-exposed industries like business services and the information sector shed jobs.

The summer’s strong job creation may have been a mirage: Government statisticians revised down July and August jobs numbers by a combined 60,000.

The job market is still chugging along

Though the unemployment rate notched up from 4.1% to 4.2% last month, that’s still low by historical standards. That uptick is largely due to the labor pool growing (the unemployment gauge only includes people working or looking for a job). Economists say fewer new jobs have been needed lately to keep employment stable since the labor pool is stagnating amid President Trump’s immigration crackdown and baby boomers retiring.

But…pay isn’t keeping up with inflation. Yearly wage growth slowed to 3% last month, the lowest rate since the pandemic.

What does this tell the Fed?

It might strengthen the case not to hike rates. Wall Street is betting the anemic hiring numbers will compel Warsh and co. to prioritize employment stability over inflation this month.

The trading odds of another rate hike in October dropped to 20% yesterday, from 24% the day before, per FedWatch. Last month, the Fed hiked interest rates for the first time in three years, citing the need to fight inflation amid a strong labor market.

Looking ahead…this is the last monthly jobs report before the midterm elections in November, in which economic woes are expected to be a major issue.—SK

      

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TerraCycle partners with hundreds of major brands like Coca-Cola, Gillette, Whole Foods, and Taco Bell to recycle razors, sauce packets, coffee pods, and much more. They’re not only helping the planet—they’re making a profit.

Their business model saw 93% revenue growth between 2020 and 2025, hitting $22m in gross profit last year. They have made four major acquisitions, with more planned.

And they’re dominating the search engines for recycling solutions. Go ahead and look up how to recycle any hard-to-recycle trash, like “recycle cigarette butts” or “recycle contact lenses,” and see who shows up.

Early backers have seen roughly 22%–24% of their investment capital back in dividends.

Invest by Oct. 8 to be eligible for the next potential dividend payment.

World

Tour de headlines

Brandon Bell/Getty Images

🛢️ The G7 have agreed to release diesel and crude to bring prices down. With the Iran war sending energy costs soaring, the Group of Seven nations and allies plan to release 100 million barrels of oil and diesel from their emergency stocks over the next four months. The decision comes after President Trump publicly mulled banning US diesel exports to curb price increases. This seems to end that threat, with the G7 statement made by French President Emmanuel Macron saying the countries agreed to “take no measures to restrict the exchange of energy and petroleum products between partner countries.”

🎬 Skydance is ready for its close-up. Because Paramount Skydance Warner Bros. Discovery is really too much of a mouthful, CEO David Ellison announced yesterday that the soon-to-be media giant resulting from Paramount’s purchase of WBD will be called Skydance. Skydance was the name of Ellison’s original media company, and the exec said on X that he picked it as a name that wouldn’t overshadow either storied studio. Paramount and Warner Bros. will retain their names as sub-brands. The mega media merger is expected to close on Tuesday after a judge recently signed off on a deal resolving an antitrust lawsuit brought by a group of states over the $111 billion deal. Once the merger happens, the company will change its stock ticker to SKYD and move from the Nasdaq to the New York Stock Exchange.

🪧 French students are protesting. They may not be storming the Bastille just yet, but there’s a revolution brewing among high school students in France who are protesting classroom overcrowding, outdated facilities, and a lack of teachers. Hundreds of schools across the country were closed yesterday and student protesters clashed with police, with some demonstrators turning violent and setting fires. The movement is gaining momentum just as France’s government is beginning contentious budget negotiations.—AR

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WASTE MANAGEMENT

Keurig

The guilt that comes from being environmentally conscious, but needing your difficult-to-recycle coffee pods in the morning, can now subside. Keurig said it has created compostable pods that can be disposed of alongside your coffee grounds:

• The plastic-free pods, called AltaRounds, are actually pucks of coffee grounds wrapped in a seaweed-based coating.
• Because there’s always a catch, that puck comes in a plastic wrapper, but Keurig says that outer wrapper will eventually be replaced by paper, per CNET.

But at what cost? The pods work with the Keurig Alta—a single-cup coffee and espresso maker—that is available for preorder now as part of a $500 bundle, which includes four boxes of AltaRounds and glassware.

Recyclability has long plagued pods: In 2024, Keurig paid a $1.5 million civil penalty after the US Securities and Exchange Commission accused the company of making inaccurate statements about the recyclability of its K-Cup pods. Last year, the UK forbade two other coffee companies from marketing their pods as compostable because they could only be composted at a facility, not at home.

What a waste: The global coffee pods market was valued at $40.5 billion in 2024 and projected to reach $58.2 billion by 2030. More than 20 billion coffee pods are discarded globally every year, according to Earth911—that’s a lot of Viennese cinnamon-scented pods sitting in landfills.—DL

      

Reader Poll

ICYMI

Have you heard...

Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat.

➡️ An AI engineer was able to decipher a 217-year-old military code in a matter of hours using OpenAI’s GPT-6 Astra model. The message, which relayed orders from Napoleon Bonaparte, was actually sent by his stepson to a senior general. It contained sensitive information about European troop movements, but no word on whether everyone thought the emperor’s hat looked stupid.

➡️ Major League Baseball has abandoned plans to explore a possible game at Wyoming’s Grand Teton National Park after local leaders expressed “strong opposition.” Nobody’s reportedly more upset than the nation’s fifth-grade boys, who had looked forward to months of Grand Teton jokes.

➡️ WWF Operating Company recently recalled some of its So Delicious Dairy Free Salted Caramel Cluster Non-Dairy Frozen Desserts because they might contain small stones, which, four out of five dentists agree, are bad for your teeth. Rocky Road ice cream could not be reached for comment.

➡️ The world’s largest thoroughbred auction, the Keeneland September Yearling Sale in Kentucky, grossed a record $536.7 million this year. When that many people are buying horses, you know gas prices are high.

➡️ Weighing in at more than 1,000 pounds, a brown bear called Backpack was declared the champion of this year’s Fat Bear Week in Alaska’s Katmai National Park and Preserve. Sure, Backpack gets an award, but when we consume a massive amount of salmon at work, it’s considered “distracting” and “inappropriate.”—BC

News

What else is brewing

• Oman had allegedly barred the FlyDubai copilot who stabbed a plane’s captain in flight with 182 people on board from flying in the country over extremism concerns, the Associated Press reported.
• The FAA found that a software glitch in Boeing’s 737 Max airplanes does not pose a safety threat.
• The DOJ said it won’t reopen its criminal investigation into former Fed Chair Jerome Powell.
• New York Gov. Kathy Hochul said the woman who has accused seven Cornell fraternity members of sexually assaulting her was “failed” by campus police and the local prosecutor. Hochul has appointed Attorney General Letitia James as a special prosecutor to take over the investigation.
• The NFL has suspended San Francisco 49ers owner Jed York for six games and fined him $500,000 following his arrest in a prostitution sting.
• Scientists have detected radio signals coming from a planet outside our solar system for the first time, but they say it’s a sign of magnetic fields, not intelligent life.
• Tony Romo and CBS Sports have parted ways after the ex-football star was arrested in July on charges of operating a vehicle while intoxicated.

Community

Crowd work

Last week, we asked, “What’s a place you visited that was much more pleasant than you imagined?” Here are some of our favorite responses:

• “New Mexico. I expected a hot desert, but the elevation keeps the temperature very moderate. Couple that with friendly locals and plenty of wide open spaces, and it lives up to its nickname [the Land of Enchantment]. I left enchanted.”—Tommy from Magnolia, OH
• “Cleveland, Ohio. Once you’re past the gasps from friends about where you’re going, the place has three major sports teams, a world-class orchestra, top-level restaurants, healthcare (hopefully not required), live music venues, and is perched on one of the Great Lakes.”—Mike from Novelty, OH
• “Nebraska. I grew up in Nebraska, but haven’t been back in nearly 30 years. My memories were unrelenting cold winters and miles of corn. I’d forgotten about the beautiful rolling hills of Eastern Nebraska, the magic of driving on gravel, and the ultra-clean smell of the land and air.”—Susan from Central Florida
• “Birmingham, England! Incredible stained glass windows in the cathedral designed by Pre-Raphaelite Edward Burne-Jones and produced by William Morris, the world’s largest collection of Pre-Raphaelite art at the art museum, a very lively weekend crowd at some really great eateries—all within walking distance of the main train station. Who knew?”—JoEllen from Ludlow in Shropshire, England
• “My 24-year-old stepdaughter’s apartment. Just six short years earlier, her room was so incredibly messy, I was forced to put this sign on her door: ‘Dumpster Dave LLC.’ It didn’t help. But now, her place is neat and tidy.”—Jim from Maui, HI

This week’s question

What’s the most creative Halloween costume you’ve ever seen anyone wear?

Sam’s answer to get the juices flowing: “One of my Brew coworkers once dressed up as a monster labeled ‘Dodd-Frankenstein,’ a reference to the Dodd-Frank Act that was passed in 2010 to regulate the financial industry after 2008, which haunts big banks to this day.”

Submit your response here.

recs

• The only pumpkin muffin recipe you’ll need this fall.
• This game tests if you can tell what language a word was translated into.
• See the most popular Halloween candy from the year you were born.
• Magnetic measuring spoons that won’t get lost in your utensil drawer.**

^{*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: Our biggest puzzle of the week has something hairy going on this time around. Can you tease it out? Play the Crossword here.

Open House

Welcome to Open House, the only newsletter section that would never paint over gorgeous cabinetry. We’ll give you a few facts about a listing and you try to guess the price.

Today’s home is in rural Livonia, NY. It’s a 2,288-square-foot property on 3 acres of land. And if you’re worried about storage, there’s a 4-car detached garage, perfect for someone with a big hobby or a million little hobbies. Amenities include:

• 3 beds, 3 baths
• Covered porch
• Two definitely not haunted dolls above the fireplace

How much for the quiet contemporary build?

Answer

$650,000

Word of the Day

Today’s Word of the Day is: contentious, meaning “something likely to cause disagreement, argument, or controversy.” Thanks to Carly from Los Angeles for a suggestion we could all agree was a good one. Submit another Word of the Day here.