Morning Brew Daily - Poor Jobs Report Feeds Recession Fears & Another Company Leaves CA for TX

Episode Date: August 5, 2024

Episode 380: Neal and Kyle break down last month's jobs report and why experts are fearing a recession following the markets latest fall. Then, why consumers are turning to Amazon after growing tired of locked up products in CVS and Target. Next up, Chevron is the latest company to leave California for Texas. Why is it so trendy? Speaking of trends, Americans are all in on purchasing small cars. The guys share their winners of the weekend and spoiler, it's an Olympic special. And finally a look at the week ahead. Checkout https://beehiiv.link/morning-brew-daily and get a 30 day free trial and also 20% off 3 months with code BREW Get your Morning Brew Daily T-Shirt HERE: https://shop.morningbrew.com/products/morning-brew-radio-t-shirt?_pos=1&_sid=6b0bc409d&_ss=r&variant=45353879044316  Want to hear Kyle's takes on all things work life? Check out his new show, Per My Last Email, here: https://link.chtbl.com/59PknMsy Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow Learn more about your ad choices. Visit megaphone.fm/adchoices

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Good morning, Brew, Daily Show. Freiman. And I'm Kyle Hagey. Today, markets are cratering after a spooky jobs report. Do not. I repeat, do not open your brokerage account today. And we'll talk about how retailer's strategy of locking up your toothpaste has backfired spectacularly. It's Monday, August 5th. Let's ride. The man, the myth, the legend, Kyle Haggie is here today to fill in for Toby, who's living his best Northern Michigan life for just one more day. Kyle, the people want to learn more about. about you. So I've got... That's what I've heard. I've got an icebreaker question. Okay, hit me with it. Which Olympic team do you think you'd have the best chance of making the cut for?

Olympic basketball, men's easy answer. I played growing up. Okay. I'm not LeBron James, but I think I could be a great personality hire for the team. I think so, too, you'd be an amazing locker room. I would ride the bench, golf claps going, great locker room presence, you know, real gym rat. That's a great answer. It would be so fun. For me, I think it'd be skeleton in the Winter Olympics. I'm just being... skeleton. I mean, you just get on a sled head first and just go down the track. It's just as long as you can get in the sled, you're good to go. Yeah, I've heard of people who do not grow up skeletoning, making the skeleton team.

So just being a, you know, this is a perfectly rational choice that I just made, but I think I could possibly make the skeleton team. There's a low barrier to entry in that sport. Exactly. And now we have a bunch of pro-skeleton people listening, being like, no, it's a very, very skilled event. Now a word from our sponsor, Beehive. Kyle, let's say you're starting a newsletter. First of all, what is the topic?

New York Pizza Reviews, easy answer. Great. What is the first thing you'd want when starting out a newsletter? I think subscribers. Perfect. Beehive makes it so easy to grow. You can tap into the referral machine that powered morning brew and use Beehives boost to find high quality, engage subscribers on the cheap. So what's the next thing you'd want for your newsletter?

It would have to be easy to write and look nice. Perfect. Beehive requires no code. as a text editor that's best in class. Okay, what else? Eventually, I would need it to make money. Love that for you. You can easily monetize your newsletter with Beehive,

whether through their robust ad network or by charging a subscription to your readers. I pretty much have no excuse to not start this thing up right now. Look, I'd be your first subscriber, but before I sign up, I need to make sure you're qualified for pizza reviews. So what is the best slice of pizza in New York? Neil, it's Prince Street pizza, no doubt. Approved.

That pepperoni slices is so good. Okay, what Kyle is about to do and you should to head to Behive.com slash brew to get a 30-day free trial. Then you can use code brew for 20% off three months. Own it all. Pay off your home, travel for life, drive a Ferrari. In celebration of the world premiere of the Monopoly Big Board Buckslot machine by Aristocrat Gaming, Yamava Resort and Casino at San Manuel is giving one person a $1.6 million dream package. The biggest prize in Yamaba's history.

Club Serrano members can earn daily instant prizes and secure a spot in the finale made 29. Don't pass go and own it all. Only at Yamava celebrating its 40th anniversary. UN. Details at yamava.com must be 21-20. Please gamble responsibly. Monopoly is a trademark of Hasbro. Hasbro is not a sponsor of this promotion. Well, the jobs report for July came in on Friday and as Scooby-Doo would say, rut row. The employment numbers came in way lower than expected with the U.S. economy adding 114,000 jobs compared to the 175K predicted. The unemployment rate also ticked up again to 4.3% up from 3.7% at the beginning of the year. If this downer of a report happened in isolation, then fine. Maybe you could write it off as an outlier.

But it comes after weeks of multiple data points setting off alarm bells. So it's pretty safe to conclude that there are clear cracks forming in the U.S. economy. And this is all putting the actions or inactions of the Federal Reserve under a harsh spotlight. At its most recent meeting last week, Chair Jerome Powell declined to cut interest rates from a 23-year high, instead putting it off until September. But critics, and there are many of them, say that the Fed should have paid attention to the warning signs and cut interest rates in July. Now it's behind the ball.

And in very much related news, stocks are in full meltdown mode this morning. The NICA 225 in Japan plunged 12.4% for its worst day since Black Monday of 1987. European stocks are down bad, but not as bad as that. And Wall Street futures are also tumbling. The SMP 500 is down 2.7% and the NASDAQ is down 4.5%. As of 6 a.m. Eastern, it is gnarly out there. Yeah, Neil, you're just terrified everyone in the morning. I'm about to hop off this podcast to go check my stocks.

Yeah, things are in meltdown mode. And there's something called the Sam Rule. You've probably heard of this in your research, which basically states the economy is in a recession. when the three-month average of the jobless level is half a percentage point higher than the 12-month low, which every time there's going to be a recession or people think there's a recession, they roll out this new rule that's like, in the history of the world, this is never not predicted a recession until it doesn't. And then we just find a new rule.

So I'm not sure about the same rule, but it's interesting nonetheless. Also the volatility index, the VIX, which is known as Wall Street's Fear Gage, basically is up to high levels. I checked this morning. I was at 41.3 in pre-market trading. So there's a lot of volatility in the market, and Goldman Sachs has moved the prediction up of a recession from 15 to 25%. So it seems like there's some troubled signs in the economy, although most kind of sober-minded

people say, like, we're not there yet, and there's still a chance to complete the quote-unquote soft landing. We're not there yet. And to be clear, like, the economy is not in a recession now. I mean, we added jobs, 114,000 jobs. added, the unemployment rate is 4.3%. That's still quite low. But there are a lot of warning signs. There's a lot of economic data points that point to a lot of cracks forming. And the jobs report was just the latest in those. And so people who had fell on the edge over the past few weeks, the jobs

report happened. And they were like, oh, God, like we are perhaps going down this path. The Fed is too late to cut interest rates. Even before the Fed meeting last week, a bunch of former Fed governors and economists were saying the Fed needs to cut now because we're seeing all of these warning sides. The alarm bells are going off that the economy is going down a hill a little bit after being so resilient in the face of 23-year high interest rates. And everyone was so surprised that the economy had stood up as well as long to those interest rate hikes. And now it finally seems to be crumbling just a bit.

And now the prediction is that the Fed is going to certainly cut interest rates at its next meeting in September. But the question now is by how much? The standard interest rate cut would be by 25 basis points, that a quarter percentage point. That's what the Fed typically does. But now bets are ramping up, especially this morning after the market meltdown, that the Fed will cut by 50 basis points, an extra large one, a supersized one, if you will, to sort of get ahead of this potential recession that we're seeing. And I think right now it's really easy to like pile on to the Fed and say, like, why didn't you cut interest rates? But I do think that they've done actually a pretty decent job. I think for the last three years, we've heard a recession is right around the corner.

And we have kind of pulled off this soft landing where there normally is this dynamic between inflation rates and unemployment. We've kind of muddled through all right compared to other nations. And I think now we're kind of hitting this divergence point where we're going to have to cut interest rates and hopefully save off this recession. But I got hope in my man, Jay Powell. Yeah. I mean, if you look at CNBC and they're running the markets meltdown, header, I don't know how much hope you would have, but it really is all about the job market. That is what props up the U.S. economy because 70% of the U.S. economy, U.S. GDP, is driven by consumer spending. And consumers will spend when they have jobs and they feel good about their

jobs and they feel good quitting their job and moving to a better paying job. So everything crumbles when the job market goes down. And so that's why the job report specifically on Friday was so spooky. And economists have a saying that unemployment goes up like a rocket and comes down like a feather. There is this virtuous cycle where unemployment can rise very fast, very quickly, and it takes a long time to come down. So that's why you're seeing people a little afraid at that rising unemployment number because it could go much higher pretty quickly unless the Fed steps in. Some people are calling for an even emergency rate cut, which the Fed does not do unless It's like the COVID pandemic.

So we'll see what happens. But yeah, definitely don't look at your portfolio today. It is really bad out there. The NASDAQ is in a correction. It's 10% off its recent highs. There are a few earnings reports coming down the pike. But yes, we are officially on recession watch. Yeah, don't look at your stocks and J-Pow.

Don't read the headlines. Stay strong. These days, trying to buy moisturizer from a convenience store, it feels almost as complex as pulling off that prisoner exchange last week. Rather than being accessible on an open-air shelf, standard grooming products are increasingly locked behind a barrier to prevent theft, requiring you, a non-theaf, to call an employee to free it from its plastic prison. It can take minutes just to get toothpaste.

And who's been benefiting from toothpaste locked in cages? Amazon, of course. In the company's earnings call last week, CEO Andy Jassy said the anti-theft measures are driving a lot of customers to its website. It's another sign that the plastic shield strategy at retailers is completely backfiring. customers hate it. Workers are frustrated with having to constantly unlock cases and companies are losing out on sales to e-commerce sites. It wasn't always this way. Before the pandemic, most products at CVS or Walgreens were sitting there all fresco. After all, the easier they are to grab, the more customers will buy. But in 2021, retailers started warning of a massive uptick in theft, especially from organized criminal crime rings, looking to resell their stolen wares and began putting products under locking key. I don't think anyone is happy with the status quo, and there are plenty of signs that this plastic barrier initiative is backfiring in a big way for stores. I got to say, free the goldfish.

I just want to go in and I want to be able to buy my goldfish without pressing that little red button in Walgreens. What is so interesting about this story is the data is actually not very clear. It's hard to track theft, actually, at the store level. And so average shrink, which is basically how much product is lost across the entire supply chain, has stayed relatively stable at 1.5%. So sometimes the data actually isn't even backing up that there is this uptick in theft. However, it feels like there has been because of this great shoplifting freakout where we saw videos on social media all the time of these organized crime rings stealing stuff, but it is backfiring tremendously. And Neil Saunders, who's the director of this retail practice

at the firm Global Data, has said this is such a blunt instrument. Basically, like, we have thieves. We're not sure what to do with it. We don't have clear. data, let's just lock everything up and hope for the best. And it's turning out that, yeah, that does reduce theft, but it also drives down sales. It's like, you know, we got rid of the tumor, but unfortunately, the patient died. Like, it is hurting stores. And there's really no positive side to this. Consumers hate it. It said more than 60% of survey participants said locked merchandise was either inconvenient or very inconvenient. And then the employee side of things, which I think is like an under discussed element in this story, it takes about 500 hours

of annual labor to go and go to the button when someone presses it, unlock the toothpaste, give it to them. And that's basically what retail employers are employees are doing all day now. And then it's a vicious cycle. No one wants to work. Those jobs are very hard. They've only gotten harder. You have more turnover. And stores get worse. So it is not really a win for any retailer. It might only be a win for Amazon. Right. But there must be some reason they're doing it. Maybe you think that corporations are these very complex and sophisticated organizations. they can't, like you said, it leads to a loss in sales, and that's absolutely true. Studies show that secured cases causes sales in physical stores to drop 15% to 25%.

Meanwhile, all of those sales are going to Amazon. The online sales of personal health and beauty products accounted for 11% of e-commerce in 2019. Now they account for 18.5%. And so that's not a direct link to what's going on in the CVS and Walgreens, but you can sort connect the dots a little bit. And now retailers are looking for different ways to prevent theft and also, you know, have people buy more things. So you're going to probably start seeing these new smart locked cages things going on at your

local convenience store. And some are piloting this already where basically you go up to the container and it's locked behind whatever you want to get. And instead of asking an employee to come, they will ask for your phone number. They'll send you a text message. I know, we're all in like a two-factor authentication world. They'll send you a code, a four-digit code that you can unlock yourself. Yeah, I just feel like that is still adding so much friction that if I'm going to have to

get it up my phone, I'm just going to go to Amazon.com anyway. I know Jeff Bezos is walking through Walgreens, just like laughing, smiling, seeing the state of retail right now. So they're going to have to find a way to make it easy to shop. The other downside is when you go to a retail store, you end up buying things you weren't going to have to buy. and now that's kind of gone away. Like you're in there, you're getting acne cream,

you push the button, you're a little embarrassed, then you want to run away. And so retail's in a tough spot. It'll be interesting to see what new technologies come online here. Next story, it turns out it's not just the recent USC grads who loved wearing cowboy hats, their senior year, who are moving from California to Texas. It is Fortune 500 companies as well.

Tesla, Charles Schwab, and Oracle are a few of the name brand companies to leave California in recent years. And last week, another big name was added to that list, and that is Chevron. The multinational energy companies specializing in oil and gas will be moving its headquarters from San Ramon, California to Houston, Texas, what's up, H-town? The reason for this move was to, quote, enable better collaboration and engagement with executives, employees, and business partners. And other companies that I mentioned had different reasons for leaving.

Tesla actually said it was because employees were struggling to find affordable housing. Charles Schwab said the cost of doing business. business in California was just much higher than other places. And Oracle said that the move would provide employees with, quote, more flexibility about where and how they work. Now, to put some numbers behind this, the global real estate company, CBRE, which itself moved from LA to Dallas, so pretty meta, said eight Fortune 500 companies have pulled their headquarters out of California from 2018 to 2023. However, it is important to note California still has an impressive roster of corporate residents. Apple, Alphabet, Meta, and NVIDIA, still call the Golden State home,

and in total it has 55 Fortune 500 companies, although Texas is right behind it with about 50 plus as well. Neil, does California have something to worry about here? I'm not taking what Chevron said why they're moving at face value with whatever corporate speak that you just said. I mean, there's a very clear reason and trendline going on here, which is that they have fought for years with California's government, which is one of the most strict in the country, perhaps the most strict, when it comes to environmental regulations. So, first of all, I was very surprised to find out that Chevron was based in California in the first place, because big oil and California politics do not mix at all. And apparently there had been a lot of fights,

especially about a new law that was passed down the pike that capped profits for refiners, because California has the highest gas prices in the country. And this was one way. that the government, you know, very liberal, Democratic government tried to attack corporations to prevent price gouging and bring down prices for consumers. But also, I mean, this did not surprise me at all. Houston is the global oil capital of the world. More than a third of all publicly traded U.S. and oil gas firms are located in Houston. Chevron had 7,000 employees in Houston compared to 2000 in California. So this seemed like a matter of time. And moreover, I was just more surprised that Chevron ever existed in California,

but it has been a 140-year history in the state. I mean, they started a Pacific Coast Oil Company in 1879, and so that got me thinking about California's very rich oil history. I mean, have you seen the movie, there will be blood? Yes. You're probably like, oh, that's based in Texas, right? No, it's actually based in Southern California. So this may be the final denouement of the oil industry's last gasp in California.

before it goes Texas. What I think is interesting here is almost like viewing California as a product, and we're seeing a lot of companies move out. But California is a premium product. It's got the best weather. It's got great nature. It's got super smart people. And so I think they can get away with putting a little more pressure on businesses.

And if one leaves, it also has all of the startups that will probably be the next Fortune 500 companies right there in the Bay Area. So I think it just has a lot going for it that can put more pressure on businesses. Yeah. But there has been a clear trend line away from California and toward Texas, and that eventually will show up in California's tax revenues, and I'm sure they don't like losing jobs at all, however many. All right, up next, why are people buying smaller cars?

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That is small car summer. That's right. Small car summer is here, and it's taking over every compact car parking spot in your town. And I actually, I have some data to back up this new term. So sales of subsized SUVs in the U.S. were up about 20% in the first half this year, far outpacing overall vehicle sales growth of 2% according to data from Cox Automotive. Moreover, compact car sales increased 18%. Compact SUV sales rose 12% while full-sized pickup truck sales slumped 4% in the same time period. And pricing obviously is important to consumers as well. There's been a 19.6% price increase of automobiles

from Jan 2021 to 2024. Most of these compact cars are actually around 30K. Some even get down to 25K. So there's definitely an affordability thing here. Some of the small cars that are crushing it this summer, Centra has a 55% jump in sales. Civic is up 38% through June and Crolla is up 25% in 20204. Now, to be fair, the top three bestselling cars in the U.S., they're not participating in Small Car Summer. They're the Ford F series, the Chevy Silverado, and the RAM pickup.

Neil, I have a very important question for you. What's that? Are you all in on Small Car Summer? I think it is a great trend because I think that larger cars are worse for the environment. way more dangerous when you get hit. So I think there has been an imbalance recently that Americans have shifted to larger cars. And a big reason of that, why that's happening, is because they have bigger profits for automakers. So automakers are like, hey, you want bigger cars?

Like, we are more than happy to sell you a large pickup for $60,000 where we make our biggest profits. And those are the profit centers for many of these companies. So I think by all indications, public health, safety, it is good. It is a positive development for people to drive smaller cars. And I know a lot of people need big cars for whatever reasons. Obviously, that is totally cool. But there has been a huge run-up in size over the past decades. And it's kind of remarkable.

I mean, the average weight of a new vehicle sold in 1980 was 1,000 pounds. Last year, it was 4,300 pounds. So this is a trend that critics have called auto obesity where cars are getting bigger. They're taking up all the parking spots. And there is a big reaction to that. And that's largely because of inflation and affordability. People are looking for cars under that 30K mark. And they're sort of going back.

The balance is being shifted back towards smaller cars specifically. Not because maybe people want to drive smaller cars, but because they're cheaper. Yeah, the auto obesity I've actually never heard. So I love that term. and it's so true. Like, cars now are basically tanks. A test drove a Rivian, like a couple months ago, it's a massive car. I get why people like it, but it seems like if we had auto obesity, we now have like

OZMPIC for cars, and we're coming a little bit back to reality with these compact vehicles. Your point about profit margins is very interesting, though. Like, the companies actually want to sell you a larger car. So eventually, I think the market will push people towards that direction. But maybe coming back to reality a little bit is good for America and all of our roads and infrastructure. Yeah, I mean, I think the U.S. automakers do realize that they have to start selling smaller cars, though, to compete with the smaller, the cheaper EVs that China perhaps is coming to the U.S. market. I mean, a couple months ago, Ford CEO, Jim Farley, said, we have to start to get back in love with smaller vehicles. He said, we are just in love with these monster vehicles, and I love them, too.

But it's just a major issue with weight. And weight is crazy. The battery pack on a Ford Super Duty model weighs more. just the battery pack, than a Honda Civic. These things are, like you said, they are tanks, and people seem to be having a little bit of a reaction to that and getting smaller cars. We should also say smaller cars doesn't necessarily mean compact cars,

means those crossover SUVs that you see everywhere. I'm team e-bike. Just grab an e-bike. All right, let's head to our winners of the weekend, this segment where Kyle and I pick two athletes at the Olympics who brought great honor to Team USA. Kyle, you won the pre-show locker room vibes contest. So you get to go first.

I did. And we got to talk about my guy, Noah Lyle's up top. But first, we have to start with the number. 0.005 seconds. Yes, that is how long it took me to hit snooze this morning at 4 a.m. But more important for another reason is that number is how many seconds separated Noah Liles, who won the gold medal in the men's 100 meter dash to the second place runner, Jamaica's Kishane Thompson. 0.005 seconds.

It was the closest 100 meter final since we've had the technology to track, thousands of seconds. And the 27-year-old American, Noah Lyles, isn't just interesting because he's the first U.S. athlete to win the Olympic 100 meter in two decades, but he's been claimed by, quote, unquote, the nerds as one of their own. He wears R2D2 socks. He plays board games. He loves Legos, and he has several viral clips of him putting up Ugiot cards before races. And he had this great quote. He said, quote, I constantly tell kids all the time, be yourself, Lyle said. People see me as being corny. Shoot, I'm corny, but guess what? I'm winning while being corny.

So he's corny. He's fast. He's a pretty good trash talker. I love the storyline. Yeah. I mean, in all of the Olympics, there are hundreds of events. There's hundreds of individual moments of magic. But the one race, everyone pays attention to.

The marquee event of the entire tournament is the 100 meter dash because it determines the title of fastest man in the world. And this one totally lived up to its billing in the most dramatic way possible. And when you're talking about who you want as your country's standard bearer sprinter, you want them to be brash. You want them to be cocky and you want them to rise to the moment when it happens and Noah Liles checks all of those boxes. He ran 100 meters in 9.784 seconds and his competitor, the second place guy, ran it in 9.789 seconds. It was one of the most epic races we've seen in years. Incredible race to watch. My winner is Kristen Faulkner for showing us all the art of the pivot.

In 2016, Faulkner lived in New York and worked in venture capital. She needed a hobby to help her unwind from work, and it needed to be an outside activity because she's from Alaska, and that's what Alaskans do. So she stumbled into a cycling clinic in Central Park, clipped in for the very first time. And next thing you know, she quit her job to become a full-time competitive cyclist. Fast forward to yesterday, and Faulkner took home the gold medal in the road cycling race in Paris, becoming the first American to win the event since 1984. And the crazy part is she didn't even qualify for the Olympics. She only got a spot because someone who had qualified dropped out. So this was a true upset for the ages.

A result, no one saw coming and instantly became one of the best stories that has emerged from the Olympics so far. It's such a cool story. And I'm really glad a venture capitalist got a gold medal because the one thing they need is a bigger ego. So I'm really happy she could get the win. But in all seriousness, like an incredible story. Shout out to Kristen Faulkner. What an amazing storyline at the Olympics. I never been on a competitive bike before 2016.

Do we need to... Do we need to start biking? I mean, I bike casually, but... We could compete for a gold, Neil. I mean, it's pretty cool seeing those people. Whenever I go to Central Park and see people, you know, biking around that six-mile loop, I'm going to think, wow, they could be the next Olympian.

So Faulkner is definitely an American hero of the Olympic Games so far by just going with the punches. It's Monday. So here is your preview of the week ahead. and the main question that will be answered is who is Kamala Harris going to choose as her running mate? The current VP spent the weekend interviewing six potential replacements. Four governors

Andy Bashir of Kentucky, J.B. Pritzker of Illinois, Josh Shapiro of Pennsylvania and Tim Walls of Minnesota, as well as Senator Mark Kelly of Arizona and Transportation Secretary Pete Buttigieg. Harris will reportedly make her choice by Tuesday tomorrow when she begins a tour of seven battleground states that

begins with a stop in Philadelphia. Neil, I'm going to make you make a prediction on the podcast. Who do you think is going to be the pick? If I'm going with what the smart money is going with, then it's Josh Shapiro. I mean, he's 63% favored. I'm going with Tim Walls from Minnesota. Obviously, you have to. He's your hometown guy. This is the final week of the Paris Olympics as well, so soak it up while it lasts. More golds will be handed out in track and field, basketball, soccer, volleyball, wrestling, and lots more. And then, in a fitting end for an Olympics dominated by American celebrities, is getting a true Hollywood finale. The closing ceremonies on Sunday is featuring Tom Cruise, repelling down

the Stade de France, landing on the field and carrying the Olympic flag. And in a part that's been pre-recorded, Cruz is going to skydive from above Los Angeles, land near the Hollywood sign, and symbolically pass the flag to the host city of the 2028 Olympics. This is the most Tom Cruise story of all time. All right. What else is happening? Hurricane Debbie is expected to reach the Big Bend coast of Florida this morning and then move over the coastal regions of Georgia. in South Carolina in the next few days. It's going to bring heavy rains and potentially catastrophic flooding. So please be safe if you live around there.

Recreational cannabis sales are beginning in Ohio on Tuesday. And it's somewhat of a landmark moment since Ohio is the 25th state plus D.C. To make recreational weed legal. There are earnings on their way. Maybe they can prevent the market meltdown, but I don't think so. They include Uber, Novo Nordisk, which makes OZempic, Eli Lilly, which makes OZempic competitor. And I wonder, and Disney as well, can they stop the stock market meltdown?

I don't know. And then a show I've been meaning to watch is industry on HBO, which is back for a third season after a two-year hiatus on Sunday. It's a great show. Pull it up this weekend, you'll love it. I will. I will. I got to catch up. All right, that is all the time we have for today. Thanks so much for starting your day with us and have a wonderful Monday.

Kyle, a pleasure as always to have you join us in the studio. But you're kind of a studio pro, right? I am the co-host of pro my last email as well, another podcast. Morning Brew. So I'm getting a little more comfortable in the studio, but it's always great to join you all on Morning Brew Daily. Okay, so when are new episodes of permanent? Every Monday. You got to start a week off with a bank. Yeah. Okay, awesome. So we'll definitely check that out today. For any questions, comments or fan notes for Kyle, send an email to Morning Brew Daily at MorningBrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Lou is our associate producer. Ed Lewis is our technical director. Billy Menino is on audio. Hair and makeup is still waiting for someone to get them deodorant from the locked container at CVS. Devin Emery is our chief content officer and our show is a production of Morning Brew. Have a great week, y'all.