Remote Work is Hurting Gen Z & Whey Protein is Facing a Shortage
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What is causing the rise in unemployment for recent college graduates?
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, protein is in a shortage. I repeat, protein is in a shortage.
Then Anthropic has filed to go public. I repeat, Anthropic has filed to go public. It's Tuesday, June 2nd. Let's ride.
In the cutthroat, low-margin world of bars, one New York City pub is getting creative to stand out. Ahead of Game 1 of the NBA Finals tomorrow night between the Knicks and the Spurs, the Jeffery on the Upper East Side of Manhattan announced a promotion with a prediction market twist. If the Knicks win, then everyone who buys food or drink there during the game will get their tab picked up by the house up to $100 a piece. And the Jeffrey is okay with that because they are hedged or de-risked. The owner, Andy, said he put $5,000 on the Couchy bet for the Knicks to win game one. So whatever happens in the game, the Jeffrey doesn't lose too much or might even come out on top. Toby, is this the first instance of a bar turning into a hedge fund?
Here's the math, which is not my strong suit. I was an English major, but I'll do my best. So they bet $5,000 on the Knicks at 37% odds. If the Knicks wins, the payout is roughly $13,500 total. So they profit $8,500 on the bet itself. They'll use part of that to cover the $100 free bar tab promo. If the Knicks lose, they lose the $5,000 bet, but they don't have to pay the free tabs all night. Plus, the place will probably be slammed, so they'll be having a above average night anyway. So worst case, they eat the $5,000 as a marketing expense. Best case, they have a massive night and the hedge covers the promo. So sort of a win-win and definitely not the last time we'll see someone use a prediction market or, as many pointed out, just a normal sportsbook to hedge their bets in the hopes of having a great, buzzy, word-of-mouth evening.
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To learn more, head to sage.com slash morningbrew. That's sage.com slash morningbrew. It's a tough job market out there for recent college grads. The unemployment rate for these whippersnappers climbed to 5.6% this March, up from 3.6% in March 2019. And if you listen to the booze rain down at commencement speeches, many blame AI for taking entry-level jobs. But something else really big happened between 2019 and 2026, the pandemic and remote work. Remember that? And a couple of brand new studies found that the shift to remote work, not AI, has created the miserable job market conditions recent college grads find themselves in. In a paper published yesterday, New York Fed economists estimate that remote work accounts for nearly two thirds, 64 percent of the rise in recent college grad unemployment.
That follows another fresh study where authors Peter John Lambert and Yannick Schindler of the London School of Economics in Oxford blame remote work for the entry level job wipeout. Both papers offer the same reasoning.
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