Just like a dad after kicking back a couple cold ones at the lake house, the economy is still putting people to work, but at a much slower pace. The US added 57,000 jobs last month, the government said yesterday, about half of what analysts projected.

April and May jobs numbers were also revised down to 148,000 and 129,000, respectively, from 179,000 and 172,000. Still, job creation is up compared to last year’s lull: Employers have added an average of 92,000 jobs per month this year, compared with losing an average of 8,000 each month in the second half of 2025.

Here’s where head counts rose and fell last month:

• Restaurant, bar, and hotel employment shrank by 61,000, bucking predictions of a World Cup boost, with some economists saying this may be a sign that lower-income consumers are pulling back on leisure spending.
• Construction and manufacturing payrolls grew by 11,000 and 3,000, respectively, potentially reflecting the ongoing AI data center buildout.
• Healthcare and social assistance continued to be a major employment engine, adding almost 47,000 jobs.

Meanwhile, the average wage growth of 3.5% was outpaced by 4.2% annual inflation.

Fewer unemployed and fewer workers

Despite the hiring slowdown, a smaller pool of job hunters—along with relatively few layoffs—is keeping unemployment low. The unemployment rate ticked down to 4.2% last month from 4.3% in May, due in part to the number of people working or looking for a job declining by 720,000. While experts say the shrinking labor force could just be a data quirk, it may also be caused by harsher immigration policies and baby boomer retirements.

Looking ahead…stocks initially rose yesterday, since weaker job growth also weakens the odds that the Federal Reserve will raise interest rates, but ultimately finished the day flat. Trading odds of an interest rate hike happening this month dropped to below 18% yesterday, from 28.9% the day before.—SK

OpenAI reportedly proposes giving Trump admin 5% stake. According to the Financial Times, OpenAI is in early discussions to give the US government a share of the company as part of an effort to soften increasing political pressure on the AI industry. CEO Sam Altman also reportedly floated the idea of the government owning 5% of all of the leading AI companies, not just OpenAI. Per CNBC, it’s not clear if companies like Anthropic and Google would be interested in Altman’s proposal, and none of them responded to a request for comment.—AE

Iran begins multiday funeral for late Supreme Leader Ayatollah Ali Khamenei. Memorial events for Khamenei, who was killed alongside members of his family at the onset of US and Israel attacks against Iran on February 28, started on Thursday night local time with a small service held for the country’s theocracy near his former home in Tehran. On Friday, security forces carried Khamenei’s coffin by hand to the Grand Mosalla in Iran’s capital, where it is expected to remain for public viewing and prayers on Saturday and Sunday, before a procession through Tehran on Monday. The mayor of Tehran said that up to 20 million people could attend the funeral events there.—HVL

Extreme heat is blanketing the East Coast of the US. Temperatures in some states hit triple digits yesterday and are expected to do so again today as a dangerous heat dome envelops the eastern half of the US, including cities like New York, Philadelphia, and Boston. The heat kicked off a dash to protect vulnerable populations, as much of the country attends outdoor Fourth of July celebrations this weekend. And heat waves aren’t just a danger to the human body—they also hurt the economy by stifling activity and disrupting travel. If you have to be outside this weekend, here’s how to stay safe.—AE

Expensive gasoline is very gorgeous to Tesla. The company reported a major delivery beat for Q2 yesterday that suggests Tesla may be recovering from recent anti-Elon-Musk-fueled sales declines, in part because rising oil prices appear to be driving more customers toward electric vehicles.

According to Tesla, during the second quarter:

• The company delivered 480,000 EVs, smashing Wall Street’s predictions of ~400,000.
• That’s a 34% jump from first-quarter deliveries and a 25% increase from a year ago.

But that wasn’t enough to win over wary investors—Tesla’s stock fell 8% yesterday.

Behind the sales surge: High gas prices lifted Tesla’s deliveries, Cox Automotive’s director of industry insights told Business Insider, especially in Europe, where Tesla cut prices for leasing and loans amid a broader regional EV boom. Tesla’s EU sales spiked 77% in the first five months of the year, according to the European Automobile Manufacturers’ Association.

Europe’s bump made up for America’s slump: Cox Automotive estimated that Tesla’s Q2 sales fell 20% in the US, where EVs account for 6% of new vehicle sales, compared to more than 20% in Europe.

Zoom out: Amid rising oil prices, May was the best EV sales month in the US since President Trump ended federal EV tax credits in September, but many automakers are still struggling to sell electric. In Q2, Rivian beat expectations, but General Motors, Ford, and EV-maker Lucid reported drop-offs in EV deliveries.—ML

The (rumored) Taylor Swift and Travis Kelce wedding at Madison Square Garden in New York City is set to begin around 4pm ET today with a cocktail hour, before 1,000 guests watch the closest thing this country has to a royal couple exchange vows on the main arena floor.

Is this all a ruse? There’s a small possibility that all the semitrucks full of boxes marked “branches” are a red herring. Still, tabloids and traditional media sites have all been tripping over themselves to reveal crumbs about the nuptials:

• An internal NYPD memo titled “Taylor Swift wedding at Madison Square Garden” detailed the security plan for today’s ceremony, along with last night’s even more exclusive rehearsal dinner at MSG, the New York Times reported.
• Variety suspects that fellow musicians Jack Antonoff, the Haim sisters, Beyoncé and Jay-Z, as well as some Disney and AMC Theatres execs, scored an invite to the wedding…but no one appears to have any info about the dress code.
• There are reports that Stevie Nicks and Tim McGraw will perform.

It will be expensive. With the $66,000 per-day permit to close surrounding streets, extra security, bathrooms (you think Ed Sheeran is using a public toilet?), and decor, luxury wedding planners are estimating the party could cost as much as $20 million.—MM

On Fridays, the Brew’s Dave Lozo looks at a sports business story that says a lot more than just the final score of a game.

The dubious red card issued to Folarin Balogun during the US men’s national team’s 2–0 World Cup win over Bosnia and Herzegovina on Wednesday means that Domino’s has to deliver on its promise to give away $1 million in pizza to anyone who took advantage of its red card promotion:

• That’s about the same amount of cash as the going rate for a 30-second ad spot during Team USA games on Fox.
• This isn’t the first time that Domino’s has had a sports-related promotion: In 2015, it gave away 20,000 medium pizzas for every MLB no-hitter that season (there were seven).

Now, more than 60,000 fans can cope with Balogun’s suspension during Monday’s game against Belgium with a free medium two-topping pizza.

How can you get one? You either need a time machine, or you were smart enough to know poor refereeing would get you fed and signed up for the promo before the tournament.—DL