Target Sales Surge, Schlitz Ends, Teen Jobs Hit Record Low
Three stories published on the same day paint a nuanced picture of the American economy in May 2026: Target reported its biggest comparable sales jump in four years under a new turnaround plan, the iconic Schlitz beer brand is being brewed for the last time after 177 years in Milwaukee, and teen summer hiring is projected to fall to the lowest level since the government began tracking the data in 1948. Together, they reveal an economy where consumer spending remains resilient even as long-established industries and labor patterns undergo profound structural change.
Target’s Turnaround Takes Hold
Target reported comparable sales growth of 5.6% in the first quarter ended May 2, the biggest gain since early 2022 and its first positive read after three consecutive quarters of negative comparable sales, according to ABC News. Net sales rose 6.7% to $25.44 billion, beating analyst expectations of $24.7 billion, while earnings per share of $1.71 far exceeded the $1.47 consensus estimate.
The results mark an early victory for CEO Michael Fiddelke, a 20-year company veteran who took the helm in February and unveiled a $6 billion turnaround plan in March. The plan focuses on remodeling stores, reclaiming Target’s reputation for stylish yet affordable clothing, and improving store staffing and worker training. New collaborations with brands like Roller Rabbit and an expanded selection of toys under $10 have resonated with shoppers, executives said.
Customer traffic grew 4.4%, with digital comparable sales adding 8.9% — driven in part by same-day delivery through Target Circle 360. Target raised its full-year revenue outlook, now projecting net sales growth of 4% to approximately $108.97 billion, up from a prior forecast of 2%. Shares rose more than 1% on the day of the announcement.
“We’re encouraged to see a strong guest response so far,” Fiddelke told reporters, adding that the company is “maintaining a cautious outlook given the work we know we have in front of us and ongoing uncertainty in the macroeconomic environment.”
The strong results come amid surging gasoline prices fueled by the Iran war, making consumer spending patterns particularly noteworthy, as Fortune reported. Target had been struggling with three straight years of sales declines, losing ground to rival Walmart as customers complained of disheveled stores.
The Beer That Made Milwaukee Famous Bows Out
In Milwaukee, a different kind of economic story is unfolding. Schlitz beer — once America’s largest brewer and the brand behind the slogan “The beer that made Milwaukee famous” — is being brewed for the last time. Pabst Brewing Company, which owns Schlitz, stopped brewing the beer months ago, according to USA Today.
Wisconsin Brewing Company will brew a final 80-barrel batch on Saturday, May 23, at its Verona brewery using Schlitz’s original 1948 specifications. The final batch will be available for pre-order on May 23 and for pickup on June 27.
Kirby Nelson with Wisconsin Brewing Co. said he wanted the brand to go out with “dignity and respect,” calling the final brew “Wisconsin Brewing Company’s love letter to our state,” as reported by the Milwaukee Journal Sentinel.
Founded in 1849 in a Milwaukee tavern by August Krug, Schlitz grew to become America’s largest brewer by the end of Prohibition. The brand was tied to the popular 1970s sitcom “Laverne & Shirley,” where main characters worked on the factory line at the fictional “Shotz Brewery,” widely considered inspired by Schlitz. After a series of ownership changes and a 2008 relaunch that never regained its former popularity, the brand is now being retired for good.
Teen Summer Jobs Hit Record Low
The third story in this economic triptych concerns the nation’s youngest workers. Challenger, Gray & Christmas predicts businesses will hire just 790,000 teen workers this summer, which would be the lowest since the Department of Labor began tracking the data in 1948, according to CBS News. Last summer’s 801,000 teen jobs was already the lowest in 77 years.
As of April 2026, 5,193,000 workers aged 16 to 19 were employed, down from 5,487,000 in April 2025. Teen labor force participation has fallen to 29.5%, down from roughly 50% in the 1970s and 1980s.
Andy Challenger, senior vice president at Challenger, Gray & Christmas, identified several drivers behind the decline: persistent inflation and rising fuel costs squeezing small businesses that traditionally hire teens; AI and automation replacing entry-level tasks like order taking and customer service; older workers delaying retirement and competing for the same part-time and seasonal roles; and teens pursuing different priorities such as college prep, internships, club sports, and content creation.
“Last summer was the weakest summer for teen hiring we have ever recorded,” Challenger told Challenger, Gray & Christmas. “What is striking is that it happened without a recession.”
Entertainment and Leisure hiring plans — a sector teens heavily depend on — dropped 70% year-over-year, from 28,000 to just 8,261 announced plans.
What It All Means
Taken together, these three stories suggest a U.S. economy that is simultaneously strong and shifting. Consumer spending remains robust enough to drive Target’s best quarterly sales performance in years, even as households contend with elevated fuel costs. Yet the end of Schlitz after 177 years signals the ongoing transformation of traditional American industries, while the record-low teen hiring figures point to deep structural changes in the labor market — where automation, demographic shifts, and evolving priorities are reshaping the nature of work itself.
For investors, the resilience of consumer spending offers reassurance. For workers and communities, the message is more complex: the economy is moving in directions that challenge long-held assumptions about jobs, brands, and the path to economic opportunity.