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Plus: Inside the antler economy 
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Surprise! U.S. employers added 172,000 jobs in May, way more than expected. We’ll tell you which industries did the most hiring in today’s newsletter, and look at the market freakout that followed. What’s a Fed chair to do?
 
Also: The wedding and figure skating industries are sparkling. Can they keep their shine? We’ve also got expert advice for investors curious about SpaceX and other blockbuster IPOs. 

But first: Winter in Wyoming and other Western states was unusually warm, and that ruffled the elk antler market. Marketplace’s Caitlin Tan follows the supply chain. Have a great weekend! — Tony Wagner and Carrie Barber, newsletter editors

P.S. Don't forget to take the Marketplace news quiz!
Two men unload elk antlers from the back of a pickup truck.
Mike Bosworth, left, unloads antlers he’s selling to Roy Rasmussen, who will resell the antlers through the year. (Caitlin Tan/Marketplace)
There’s a lot of money — and walking — in the elk antler market
Before the general public buys them, antlers typically move through three sets of hands. We visited each stop in the supply chain.
Elk naturally shed their antlers, which can weigh as much as 40 pounds, each spring. People then pick them up and sell them, and it’s a big business year-round, but the market particularly shines in the spring in Jackson Hole, Wyoming.

On a recent Saturday, the town square — flanked with permanent elk antler arches — was buzzing. It was the world’s largest annual auction for elk antlers.

Local kids paraded antlers that were twice their size. The auctioneer babbled to hundreds in the crowd. Prices edged into the thousands.

This was the flashy public-facing event of the weekend, with a lot of tourists buying a piece of the West for their living room mantle.

But off on the side streets, there was an informal parking-lot economy of sorts. Lots of Carhartt jackets, camo ball caps and clanking antlers.

Mike Bosworth dragged heaping piles of antlers from his old truck bed.

“I found most of these,” Bosworth said. “I’m an addict,” he chuckled.

Every spring, Bosworth scours mountain foothills and forests of his Oregon home looking for antlers.

“I’m just an outdoor guy,” he said. “You start finding them, and it's like an Easter egg hunt for an adult.” 

Like, a 12-miles-a-day type of hunt. But this year he is hiking farther for antlers. 

“They're all in different places. They're scattered,” Bosworth said.

A little context on elk migration: The animals go wherever there is the least snow because they need grass to eat. Normally when they shed their antlers, they are still in low-lying, easy-to-hike to places. But with such little snow in the West this year, a lot of the elk — and their antlers — were deep in the mountains.

“I had to walk so much farther,” Bosworth said. So he is cashing in to make his hobby worth it this year.
READ MORE


 
News you should know
Let’s do the numbers
  • Stocks posted their worst day in nearly eight months as a tech sell-off and the strong jobs report sent indexes diving. The S&P 500 fell 2.6%, erasing all its gains this week. The Dow lost 1.4% and the Nasdaq dropped 4.2%. Ouch.

  • Markets are worried this red-hot jobs report will prompt the Federal Reserve to raise interest rates. Odds of a hike this year jumped to 67% today according to one forecaster.

  • By this time next week, SpaceX will be a publicly traded company. Before you buy in, read this.

  • Of the 172,000 jobs added to the U.S. economy in May, 70,000 were in leisure and hospitality. Is that because of summer travel season? The World Cup? Bit of both?

  • A barrel of Brent crude dropped to $93.09 today, and a gallon of gas fell to $4.22 a gallon on average.
 
The Trump administration
  • Congress is close to passing a $70 billion cash infusion for the White House’s immigration crackdown.

  • A government watchdog group said most of the private donors to the new White House ballroom have won federal contracts in the past six months worth $50 billion.

  • President Donald Trump signed an executive order this week reclassifying thousands of high-level federal workers as “at-will,” meaning they can be fired at any time rather than insulated from politics.

  • Politicians have been trying to make daylight saving time permanent for years. Now Trump is taking up the cause.

Wedding season
  • The average couple spends $34,200 getting married, according to the Knot. That’s made weddings a $100 billion business. Can it keep up the momentum?

  • One growth space in the wedding business:  special attention for the groom.


QUOTE OF THE DAY
“Team USA is unprecedented and huge, and we have the names and the personalities to hopefully keep people coming back for more.”
— Evan Bates, ice dancer
Bates and Madison Chock, his wife skating partner, were part of the American figure-skating team that took gold at the Milan Olympics, along with Alysa Liu and “Quad God” Ilia Malinin. Their wins spurred interest in the sport again after flagging for decades. Learn to Skate USA programs got about a 30% enrollment bump from the Games; typically it’s 10%. And “ Stars on Ice” had its best-selling tour in 20 years. It all means more sponsorship opportunities for skaters in a sport where opportunities are limited. The question is: Will it last?
READ MORE
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LET'S GO
Treasury Secretary Scott Bessent, a man with gray hair
Click to see the video.
Final note
What’s Texas barbecue without brisket?
Brisket rules at Texas barbecue joints, and margins were sliced thin for pitmasters even before the price of beef caught fire this year.

Texas-style barbecue restaurants are spread throughout the country, and other national chains like Panda Express are adding brisket too, driving up the cost further. So we were intrigued by this column in Texas monthly making the case that other cuts like beef cheeks, tri-tip, and flatiron can be made just as delicious in the Texas style. Ordering them (and a few sides!) may help insulate your favorite restaurant from punishing market forces.

To learn more, check out our video talking with pitmasters forced to raise prices to make up for the money they lose on brisket.
 
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