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US Economy Shrinks 0.3% & Starbucks’ Turnaround Plan Gets Bumpy
00:30:27
Q1 GDP report doesn’t look great & Starbucks not looking great
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- [00:01]
Public Sponsor
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- [00:36]
Neal Freyman
Brew Daily Show I'm Neal Freyman.
- [00:38]
Toby Howell
And I'm Toby Howell.
- [00:39]
Neal Freyman
Today the Starbucks rebuild isn't going as planned. Should they trade for Giannis then?
- [00:44]
Toby Howell
Honey, I shrunk the economy. U.S. gDP contracted in the first quarter of the year. It's Thursday, May 1st. Let's ride.
- [00:57]
Neal Freyman
Good morning on the first day of May. And honestly, pound for pound, it might be the best month of the year. The Kentucky Derby is coming up on Saturday. Mother's Day is a couple Sundays from now. The NBA and NHL playoffs get really good. Then later in the month, Universal Epic Universe will become the first major park to open in Orlando in 26 years. The French Open and PGA Championship take place for tennis and golf lovers. And three weeks from tomorrow, Memorial Day weekend kicks off and the weather Chef's Kiss.
- [01:28]
Toby Howell
I think you forgot the best part though, Neil. You can say the Justin Timberlake line. It's going to be May. That's my favorite part. And now a word from our sponsor, Planet Oat. Neal, I was in the Morning Brew kitchen yesterday and I have to tell you I had to throw some bows to get some Planet out.
- [01:44]
Neal Freyman
You're telling me. I was looking in the fridge for the Planet Oat Oat Milk creamer to pour in my cup of Joe and I found it sitting empty in the counter.
- [01:52]
Toby Howell
That might have been me. Toby Neil, listen, Planet Oat is just so good. Flavor packed and delicious. I finished off the brown sugar cookie Oat Milk creamer and my iced coffee has never tasted so good.
- [02:02]
Neal Freyman
And even if you use the rest of that creamer, I do have plenty of other oat milk options to choose from. Planted Oat Extra creamy Planted Oat Unsweetened.
- [02:10]
Toby Howell
Actually, can't wait for the show to end so I can go try some more.
- [02:13]
Neal Freyman
Just make sure you let me know when you finish one I plan on using.
- [02:16]
Toby Howell
No promises there. Get your hands on the oat milk that has it all. Visit planet oat.com for more the US economy is looking a lot like my brand new jeans that I accidentally washed in hot water. It suffered some serious shrinkage in Q1 of this year. According to Commerce Department data, US GDP, the value of all goods and services produced across the economy, fell at a 0.3% annualized rate in the first three months of the year. That was the steepest decline since Q1 of 2022 and missed economists expectations of a 0.4% increase. The biggest driver of the shrinkage was net exports, aka the difference between how much we import versus how much we export. Imports skyrocketed in the first quarter, increasing 41% as businesses batten down their hatches and built up enough inventory to try and weather the trade war, which hurt the overall number because imports are subtracted from the calculation of GDP since they are sourced from foreign countries, AKA not domestic. As for consumer spending, the engine that drives 70% of the economy, it's a little complicated. First quarter consumer spending was up just 1.8%, its smallest growth in the last two years. But a separate report from the Commerce Department, also released yesterday, showed that consumer spending grew at a brisk pace in March, specifically mainly because people were rushing to make big ticket purchases like cars before the tariffs kicked in. So Neil, it all adds up to an economic contraction.
- [03:44]
Neal Freyman
This is a helm's deep economy which was the pivotal battle in the Lord of the Rings, the Two Towers. Businesses were rushing in reinforcements and supplies like their pockets, apocalypse survival kits and hunkering down for the upcoming siege. And we're all just waiting on Gandalf to save us. Overall, it was just a frontloading frenzy. As you mentioned, U.S. imports surged by more than 40% in the first quarter and that subtracted nearly 5 percentage points from GDP, which was the most on record. Overall, economists were having an absolute field day with this report because they were all educating us on how GDP is calculated. And the bottom line is that it was extremely distorted by how many imports business were taking in and that clouds the overall economic picture. So it's really hard to get a sense of how good the economy was doing because of the threat of tariffs that are coming in April change so much about the economy, creating a ton of chaos and leading to a very cloudy picture on how things are actually doing outside of the trade war.
- [04:44]
Toby Howell
Yeah, you see these numbers about spending pulled forward and you think to yourself, wait, consumer spending is good. It props up the economy.
- [04:51]
Neal Freyman
Right?
- [04:52]
Toby Howell
But economists were saying that you're basically borrowing demand from the future when you do that. So even Though you might have had a gangbusters March that might mean May, the best month of the year, June. July is not as gangbusters as May was. And so you are seeing a lot of signs of a little bit of just spookiness across the market because S&P 500 Nasdaq had their worst quarter since 2022. You look across the business world as well, companies are basically giving up on trying to forecast what's ahead. GM pulled its 2025 profit guidance on Tuesday, citing the auto tariffs. A lot of the auto industry has followed. Delta has pulled its guidance as we've spoken about, as did a lot of the airline industries. And yeah, consumers are spooked too. That accelerating of purchases is kind of trying to get ahead of those increased costs, which, you know, caused vehicle sales to jump in March. So spend, baby, spend. But you know, it comes with a price later down the road.
- [05:48]
Neal Freyman
Overall though, I think if you look at parts of GDP data, it shows that the underlying economy is doing okay. There's this one particular line item that strips away the import madness and inventories and government spending and all of those very volatile factors. It's called final sales to private domestic purchasers, which is a measure of consumer and business spending. It gauges the underlying demand in the economy. That was perfectly fine in Q1. It came in at a 3% annual rate. So a lot of economists were pointing to this to say besides all of this import crazy craziness and you know, the, the drop in government spending that we saw because of Doge, the 3% annual rate is pretty much, you know, what we saw in line over the past couple of quarters. So that's holding up pretty strong. So overall people are doing pretty okay given all of the chaos that's been going on.
- [06:40]
Toby Howell
And we haven't said the I word yet. Inflation. The Fed's favorite inflation traction, which is the PCI index, rose 3.6% in last quarter compared to 2.4% the quarter before. Technically, it's actually not as bad as that sounds. In March, it only jumped 2.3% compared to the same month last year. But now the Fed has this very difficult task ahead of them because they meet next week. Right now you're seeing a little bit of cracks in the job market as well. The private payroll report from ADP came in a lot lower than expected that we. They added just 62,000 jobs last month. That's the smallest gain since July. Missed expectations by a wide margin. So now you have some cracks forming in the job market. You also have inflation remaining a little bit higher. So they're still in that rock and a hard place where Jerome Powell says we need to see some progress on that inflation front to make any moves with rates. So another tough decision lays ahead.
- [07:35]
Neal Freyman
The bottom line, though, is that this negative GDP number that we saw is extremely distorted and doesn't really tell the full picture. Yes, the economy contracted, but because of how GDP is calculated, you know, it is a more confusing picture than that negative headline suggests. Moving on On Tuesday, Metal CEO Mark Zuckerberg and Microsoft CEO Satya Nadella held a chummy fireside chat at Meta's AI developer conference. Less than 24 hours later, the two hopped on earnings calls to brag about how much their companies were crushing it. Because while GDP may have been negative, everything about these performances were positive. Metta topped revenue expectations for Q1 with $42 billion in sales and indicated that growth ahead would be just fine. Investors had been worried that because Metta relies so much buys from Chinese companies like Sheehan and Tamu, tariffs would cause a slowdown in its Moneymaker. Not so. Meanwhile, Metta continues to apply absurd amounts of money into AI, stiff arming the critics who warned of a slowdown. The company jacked up its capital expenditures forecast essentially what it will spend on AI infrastructure this year to $72 billion because of more data center investments. That's more than the 67 billion it spent on AI in the last two years combined. Microsoft, meanwhile, is also killing it, beating top and bottom lines estimates thanks to a 33% revenue gain in its highly profitable Azure cloud unit, which sells computing power to other companies and has been a major beneficiary of the AI boom. Investors were but a bap up loving it. Meta shares rose more than 6% in after hours trading and Microsoft gained over 8%.
- [09:15]
Toby Howell
Let's talk about Metta first, because you are right, Zuck is not holding back when it comes to these capital expenditures. If Meta spent at the upper level of its new product, its capital outlays would be 84% above what it spent last year. So it's also going to be very close to what Google is spending this year. And Google brings in a lot more money, a lot more revenue than Metta does. So it's probably the right call though, because both Zuck and its Meta CFO Susan Lee, got into the very nitty gritty of how Meta is already using AI across their business. They're using LMS to refine decisions about what content they show to users. They said that they incorporated into Threads the micro blogging app that competes with X. And they've already seen people spend more time on the app because of that. Also the thing that people really want to hear is that it's improving the ads that it shows because 98% of Meta's revenue comes from its ads business. And so if you can boost ad revenue, that is music to investors ear. So measured over the long term, which is what, you know, CEOs doing, what Zuck is doing here, it's probably making the right call about boosting its AI spend in the near term.
- [10:21]
Neal Freyman
And what about these headwinds that Metta is facing? Well, I guess they're not so gusty at all. Those Chinese customers who have accounted for 25% of all of Metta's growth over the past two years, Shannon Temu being the top among them. The Metta's executive said they had seen some pullback from those advertisers because of the tariffs. But again this quarter ended March 31, so and tariffs didn't kick in until 8April. So we aren't sure the the total impact of that. But the bottom line is that Met as ad business is super resilient and it looks like these advertisers are shifting their spend to other countries instead of the United States. But that is in like every single country otherwise. So it is still working out just fine. Meanwhile, it faces and it's facing an antitrust trial right now that might hive off Instagram and WhatsApp, two of its biggest moneymakers. And that is going through the courts right now. So we'll see what happens with that. But overall, I mean, a gangbusters quarter Meta.
- [11:22]
Toby Howell
And then just one final note on Microsoft. Microsoft's kind of been laboring over the last 12 months. The stock is only up 2%. Finally though, you know, investors are happy to see that it's just core businesses. You know, the cloud division was growing and that their work division that encompasses Microsoft 365 products had solid revenue. So it was just kind of like a return to form for Microsoft, for investors. And then we got more big tech news coming down the pipeline because Apple, Amazon are posting their earnings today. And then also that gives us a better look into, you know, the physical hardware portion of big tech. This was more, you know, not so much the physical products. Starbucks is turnaround is looking like a tall order. Not tall like the size of a Starbucks order. That is small, but tall like actually tall. Whatever, you guys get it. The coffee chain stock dropped nearly 6% yesterday after reported second quarter earnings that disappointed, leading to some question marks about Hotshot CEO Brian Nichols turnaround plan. Average ticket size actually rose 3% in the US but total transactions fell 4% as tumbling foot traffic offset any gains that came from people loading up their drink trays. In China, another important and struggling market, it was the opposite. More customers visited Starbucks, but they spent less money, which led to sales as flat as a flat white. Which honestly is a win for Starbucks given the previous four quarters of sales declines and intense competition it is facing over there. Also weighing on Starbucks is coffee bean prices which hit a 50 year high in the quarter due to weather related shortages. Despite all of that, execs are confident that their Turner Plan turnaround plan can work. Nickel is trying to speed up order times, hire a lot more baristas and introduce more seating to cafes. Nicholas only been at the helm since September, Neil. But investors may already be growing a little antsy.
- [13:13]
Neal Freyman
Pressure's on. I mean, this guy was brought in after turning around Chipotle and before that he turned around Taco Bell. So he is this turnaround artist who's been known as the messy of the restaurant industry. They paid a pretty penny for him. Stock awards up to $113 million, which is four times larger than the guy who ran Starbucks before him. And even he said he was disappointed in this quarter's results because of the second time he's got up in front of investors and said, you know, just give me time, I need some patience. And sure, turning around a massive chain like Starbucks probably takes a little more than six months, but the results we're seeing show that it is still very much a work in progress. He's trying to strike this very interesting balancing act because he wants people who go into Starbucks to get it, to get coffee, to go, to get their, to get their orders much faster. Meanwhile, at the same time he wants people to go into Starbucks who want to sit and chill, be able to do that and linger longer. He wants to put new seating in and add ceramic cups and make that a more pleasurable experience. So these kind of two different diverging strategies that you're trying to walk this tightrope on.
- [14:19]
Toby Howell
And we were laughing because you found two headlines back to back yesterday, one from the Wall Street Journal that said Starbucks new technology can cut in store wait times by up to two minutes. And then this other headline from the Guardian said Starbucks says cutting shop staff in favor of automation has failed. Which on the surface seem like two totally different things. And Nickel did say over the last couple of years, I think we had the hope that equipment could offset the removal of labor, which we are finding out that wasn't an accurate assumption when that played out. But then it is also piloting this new technology in its stores that it has shaved off minutes from the time it takes to make beverages. A lot of that is actually this algorithmic thing that says which orders you make at which time. Instead of just doing first come first serve basis, its new algorithm anticipates how long a mobile order will take to pick up. And so it's just, you know, refining the edges of that and causing wait times to fall. And then the final aspect of Starbucks we have to talk about is how is it faring tariffs? And Starbucks actually is relatively tariff resistant because 1, only 15% of Starbucks cost of goods, you know, comes from actually buying coffee itself, which seems low. We were remarking earlier that that seems like a pretty low amount. So it doesn't have that much input cost. And those beans come in from mostly Latin American countries which are seeing slightly lower tariffs than something like a company who sources primarily from Asia. So oddly enough, it is seem rather tariff resistant, at least when it comes to importing goods that they need to make, you know, and sell their products. Up next, we got Neil's numbers.
- [15:57]
Neal Freyman
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- [17:02]
Toby Howell
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- [18:00]
Neal Freyman
Neil's Numbers, the segment where I share three stats from the week's news that will turn you into a human Wikipedia. For my first number, I got a little pop quiz for everyone. What country do you think has the most CFA chart holders and Bloomberg terminals per capita? In other words, what country is mad about finance? You might be thinking maybe Luxembourg or Switzerland or Singapore, but actually the country with the most Bloomberg terminals per capita is tiny Vatican City. According to Rob landcrick of the CFA Institute, the Vatican has four CFA chartholders or credentialed financial analysts out of 882 total people. And those four all work at the same company, Instituto Per the Opera de Religione. Meanwhile, the country has 17 Bloomberg terminals, which are those super expensive software systems that finance pros need like oxygen, costing about $24,000 per year. With 17 of those rigs, Vatican City has four times the Bloomberg terminals per capita than second place Luxembourg. Toby everyone's learning a lot more about the Vatican after Pope Francis, his death and the upcoming conclave to choose a new Pope. And we're learning that they are serious financial ball knowers.
- [19:10]
Toby Howell
I saw so many different means of like this is who you're trading against. It was just cardinals hunted over a Bloomberg terminal. But also, it shouldn't really be a surprise that the Vatican has a very sophisticated asset management operation. Obviously the church brings in a lot of money and has a sizable amount of money to manage, but also banking and accounting as we know it basically emerged from Renaissance era people banking. The papacy needed sophisticated financial networks to manage the revenue it was bringing in all the way back, you know, the 1400s, 1500s, they were rolling in dough, they had the ties they had donations coming in from all over Europe. They had land holdings, and they collected rent. So to handle this, Vatican worked with merchant banking families. I feel like we're back in, you know, us, our history class in high school right now, like the Medici family, who essentially served as the Pope's bankers. And so a lot of the financial, you know, institutions, innovations that we rely on today were born in that time. Double bookkeeping, entry systems. That was codified by a Franciscan Friar back and 14 at 94. So you had the need. You had people actually writing stuff down for really, the first time. And so, of course, they have a lot of Bloomberg terminals. There's a direct through line to those, of course.
- [20:23]
Neal Freyman
Would you have gotten that answer correctly?
- [20:25]
Toby Howell
Well, any per capita, you know, questions usually lead back to all roads, back to the smallest country.
- [20:32]
Neal Freyman
All right, my next number is 34 seconds, which is the new shortest song ever to enter the Billboard Hot 100 chart. Steve's Lava Chicken, as the goofy jingle is called, was sung by none other than Jack Black for the Minecraft movie and debuted at number 78 on the chart this week. It swiped the previous shortest song on the Hot 100 record from Kid Cudi's Beautiful Trip, which clocked in at 37 seconds. Other really short songs that have also entered the charts are Deck the Halls by Nat King Cole, 1 minute and 6 seconds, and Pete Davidson by Ariana Grande, 1 minute and 13 seconds. Steve's Lava Chicken was no doubt fueled by social media virality, having been used in more than 280,000 videos on TikTok, which led to nearly 22 million streams on Spotify. And it further cements Jack Black as kind of a movie soundtrack God, because he's no one hit wonder. His song Peaches for the Super Mario Brothers movie back in April 2023 peaked at 56 on the Billboard chart. As Dewey Finn would say, that's one way to stick it to the man.
- [21:32]
Toby Howell
You know what pays me, though, is that Jack Black has all these great songs from MOV lore. Like, obviously, Peaches was fine. Chicken Lava is fine. But School of Rock is a masterpiece. Like, I wish some of those songs charted. So what's the lesson here? Sing songs about Lava? No, it's actually just shorter songs are getting more and more popular. I mean, streaming economics, we've talked about this, how Spotify pays per stream, not per minute. So it doesn't necessarily matter exactly how long the songs are. Then you factor in just the TikTok economy and how artists are writing to try to go viral on TikTok that compresses songs as well. You don't need to fill a CD anymore. Like, there's no maximum amount of time an album needs to be. So all of these factors have compressed songs. And, you know, this is obviously an extreme case, but now we got a song about chicken getting doused in lava charting on the Billboard 100.
- [22:24]
Neal Freyman
My final number is 50 years, which is how long it's been since the release of Monty Python and the Holy Grail. Fans of the influential, infinitely quotable comedic masterpiece have been reminiscing about the movie's legacy for its 50th birthday this week. And one of the most surprising details about Holy Grail is who financed it. Rock legends Led Zeppelin, Pink Floyd, Elton John and Jethro Toll go back to 1973, and the Pythons are shopping around this absurdist parody of King Arthur's quest for the Holy Grail. But no studios were interested, so instead they turned to their musician friends for money, pitching it as a beneficial tax write off. The rock stars were sold. According to a 2021 tweet by Eric Idle, a member of Monty Python, Led Zeppelin Contributed More than 30100 pounds, about $385,000 in today's money. Pink Floyd forked over 21,000, and Jethro told frontman Ian Anderson, sent 6,300 pounds out of his own pocket. It wouldn't be the last time the Pythons phoned a musical friend for help help financing a movie. When EMI Films pulled its support for the Life of Brian a few years later, Idol called up his buddy George Harrison of the Beatles for a lifeline, and Harrison came through in the clutch. Toby thank God Eric Idle was just friends with literally the most famous rock stars in the planet, because if not, we wouldn't be celebrating the 50th birthday at one of the world's most beloved movies.
- [23:44]
Toby Howell
And also, I was just digging into Monty Python lore because there's so much of it. It is so influential. There are seven asteroids named after Monty Python or its members just floating around in space. The term spam, as in unsolicited emails, is derived from their 1970 sketch spam, the Python programming language, which underwrites, you know, a huge part of the Internet is named after the comedy troop. It is named after that. That's crazy. And then obviously, just its influence on comedy in general. You can't overstate it. I mean, everything from SNL to South park kind of derived its sketch formats from Monty Python. Tina Fey put it very well. She says sketch endings are overrated Their key was to do something as long as it was funny and then just stop and do something else. And you can see so much of that influenced in modern comedy today. So just, it was shocking to me going through really how much that they've influenced culture. And it all leads back to these rock stars, which is another great, you know, fun fact.
- [24:43]
Neal Freyman
Let's sprint to the finish with some final headlines. The icy US Ukraine relationship had a major thawing out after the two countries signed a landmark deal that would give America access to Ukraine's mineral wealth. The highlight of the agreement is the creation of an investment fund called the United States Ukraine Reconstruction Investment Fund, which will focus on rejuvenating Ukraine's economy that has been battered by Russia's invasion. The deal is being hailed as a win win for both sides. Decides the US boosts its business interests in Ukraine, which has 20 strategic raw materials, while Ukraine gets an implicit security guarantee from the US for future military aid. Treasury Secretary Scott Bessant said this agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign and prosperous Ukraine over the long term.
- [25:29]
Toby Howell
And what are these minerals that are at play here? We've talked about it a little bit before on the show, but Ukraine has an estimated of 5% of the world's critical raw materials. They have a lot of Graphite. They have 19 million proven tons, proven reserves of that key mineral which is used in batteries for electric vehicles. They also have significant deposits of titanium, lithium. Where it gets a little bit cloudy is when it comes to rare earth metals. That's the 17 elements that are used to produce, you know, everything from weapons to electronics to wind turbines. Those claims are a little bit disputed exactly how much of those rare earth metals they have, but, but clearly it's a priority for the U.S. we've talked about trying to wean off the, you know, supply chain that comes in from China, which is why this deal was kind of struck in the first place. But as they kind of go about developing those minerals, we'll see just how much Ukraine actually has. Speaking of gaining access to a rare resource, Bill Belichick and his 24 year old girlfriend, Jordan Hudson have made too many headlines to ignore at this point. The six time super bowl winning head coach, now the head honcho at North Carolina's college program has found himself wrapped up in a whirlwind of controversies tied to Hudson, who has quickly ingrained herself in Belichick's personal and business lives and dubbed herself the chief operating officer of Belichick Productions. First there was the awkward segment with CBS Sunday Morning where Hudson interrupted the interview to kill a question posed to Belichick about how they first met. In a statement, Belichick said that the interjection came because he and his team wanted to keep the interview focused solely on his upcoming book. But then CBS fired back with a statement of their own stating that no such preconditions or limitations were established. Then the athletic reported on Tuesday that Hudson was also instrumental in killing a UNC version of HBO's Hard Knocks docu series that was on the precipice of being announced, which caused the university to lose out on $200,000 in facility fees and a lot more money in exposure. So Neil, one story after another is emerging about how Hudson is exerting control over various part of Belichick's life, leading to some questions about just how much influence the chief operating officer of Belichick Productions should have.
- [27:39]
Neal Freyman
I mean, this is really weird, but UNC hired Belichick, who is considered the greatest coach of all time in the NFL are paying, they paid him $10 million a year back in December. They build their program which has been, you know, not so great overall, their football program. They say they're going to run it like the 33rd team in the NFL, break into the top of the SEC. This is a huge and expensive hire and they're getting a little more than they asked for with Belichick's girlfriend, who's 49 years his junior, really weaseling her way into the operations of this massive athletic department. Belichick requested that some top administrators copy Hudson on an email. She scuttled this deal for Hard Knocks. She's making all kinds of headlines with this book tour that is going on. They're getting into fights with major networks like cbs. It's just all a lot. And you wonder how it is going at the top levels of UNC who hired Belichick a few months ago. They didn't really anticipate this and I'm sure it's not the last wolf here of this particular story. Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Thursday. For any questions, comments or feedback on the show, send an email to Morning Brew daily at Morning Broadcom. Let's roll the credits. Emily Milian is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Scoops Nardus is on audio. Hair and makeup is out today with a flesh wound. Devin Emery is our president, and our show is a production of Boring Brew.
- [29:09]
Toby Howell
Great show, Danielle. Let's run it back tomorrow.
- [29:18]
Rachel Feldman
Hey there. I'm Rachel Feldman, and I host a podcast from Popular Science called the Weirdest Thing I Learned this Week. Every other week, I circle up with guests like Bill Nye, Josh Gondelman, Mary Roach, and many more to prove that the lofty and noble pursuit of science can also be profoundly weird. From flying Ford Pintos to the world's most illegal cheese, the weirdest thing I learned this week is the ultimate source for all things interesting, informative, and, most importantly, freaking weird. Check out the weirdest thing I Learned this week. Wherever you get your podcast, come on over whenever you're ready to get weird.