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Hey there, happy Monday. We have a bunch of interesting news out of Washington you might have missed, including President Donald Trump’s efforts to prop up the yen. But first, let’s dig into the really big news coming this Friday: The jobs report.

Well, it’s big news for econ nerds like us. The U.S. economy added just 57,000 jobs in June. A strong July could allow the Federal Reserve to raise its key interest rate without damaging the labor market too badly. While we wait for Friday’s data, let’s look at how businesses are faring now. — Tony Wagner, newsletter editor  
A blurry, stylized image of a restaurant.
Spencer Platt/Getty Images
These days, smaller businesses weigh each new hire carefully
The June job market data was pretty meh and July is expected to tick up. So what’s that look like on the ground? Marketplace’s Mitchell Hartman found out.
So far, small and mid-sized business-owners across the country are muscling through this labor market moment — all while facing new tariffs, edgy consumers, high gas and diesel prices, and high overall inflation.

After years of managing other people’s manufacturing operations in Chicago, Jim Piper took a leap in April and bought his own. Worldwide Broach does precision metal-cutting for industries like hydraulics and auto manufacturing.

The company has six full-time employees — most of them are skilled tradespeople who were with the previous owner for decades.

“It’s something that’s difficult to automate away, or outsource overnight,” Piper said.

He’s confident he can build the business up, since demand is reasonably strong.

“We have capacity in the shop that’s underutilized. I just need the next order, and perhaps another employee or two,” he said.

In Austin, Texas, restaurant owner Adam Orman has been having a rough time of it.

“Summer in Austin is slow. We’ve been doing a pay-what-you-will night since December, and expanded that, and it definitely keeps us busy enough on Tuesday, Wednesday and Thursday that we have a reason to have employees,” he said.
READ MORE


 
News you should know
Let’s do the numbers
  • Another scorcher on Wall Street today. The S&P 500 rose 1.5%, very close to its all-time high. The Dow added 1.3% to break its own record, and the Nasdaq rallied 2.1%.

  • Two people have died in Michigan from the cyclospora outbreak, which has infected thousands. Here’s what experts told us grocery shoppers and diners should know.

  • The average interest on a 30-year fixed-rate mortgage hit 6.66% last week, according to Freddie Mac. You don’t need to be a numerologist to know that’s bad news for prospective homebuyers.

  • “Spider-Man: Brand New Day” made $360 million in the North American box office this weekend, edging out “Avengers: Endgame” for the biggest opening ever.
The Trump administration
  • The U.S. spent billions last week to prop up the yen. It’s a sign of how interconnected the American and Japanese economies are.

  • The Justice Department spiked a $1.8 billion “anti-weaponization fund” it had proposed to settle a lawsuit the president filed against his own government. Controversy around the fund had threatened former Trump personal attorney Todd Blanche’s confirmation as attorney general.

  • The government took stakes in seven more companies in exchange for federal chipmaking incentives.

  • Twenty-five states sued over the White House’s new double-digit tariffs, claiming forced labor concerns were a pretext to replace expired import taxes.

  • The Trump administration relocated employees from six agencies in the name of government efficiency. Workers say the moves have been costly, chaotic and disruptive.


QUOTE OF THE DAY
“The reason to price it accurately is so that people keep coming back, honestly. This is hopefully a 10-year event. And if we get this really wrong, it won’t be a 10-year event.”
— Caleb Dickinson, co-owner and CFO of Fox Property Management
The Sundance Film Festival is moving from its longtime home in Park City, Utah to Boulder, Colorado in January. Tens of thousands of attendees are expected, including big-name filmmakers and executives. The city’s short-term rental market is still forming, KUNC reports, as homeowners decide whether Airbnb-ing is worth the hassle of getting out of town for 11 days — and how much they can charge for that hassle.
READ MORE
Storm clouds over an empty beach.
Tim Graham/Getty Images
Final note
A different kind of “Stormy Weather”
We play the song on “Marketplace” when stocks are down. We also talk a lot about how vibes can shape economic reality. Beach town businesses and baseball teams know that all too well, Business Insider reports. 

When your smartphone’s default weather app shows a raincloud, businesses owners say they see the impact on their bottom line even though forecasts are way more nuanced — and often there’s no rain at all.
 
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