The biggest stories that defined U.S. business in 2023
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Commemorating the year in business news feels especially fitting as many of the trends set in motion will have a huge impact on 2024.
Here are the five biggest stories:
5. Soft landing in sight 💵
Although analysts and experts expect consumer spending to slow next year, America will still avoid an all-out contraction in growth, the Congressional Budget Office projects.
Why it matters: The elusive soft landing for the U.S. economy may be in sight after the Fed's fight to cool inflation was driven by 11 interest rate hikes — which some feared was too much.
4. A tale of two Sams 👨💼
Twenty twenty-three was the best of times for OpenAI CEO Sam Altman, and the worst of times for FTX founder Sam Bankman-Fried.
- The abrupt ouster and return of Altman last month coincided with the 1-year anniversary of ChatGPT's debut — a rather fitting way to mark a frenzied period in the generative AI race and evidence of the trust that his team and larger industry have in his leadership.
- A few weeks before that drama, SBF was convicted in a New York federal court of one of the "biggest financial frauds in American history" for his conduct running his crypto exchange.
Why it matters: Both stories are another reminder that the direction of massive industries often rely on the vision and character of only a few leaders.
3. Who ran the world? 💖
You know. (Girls.)
Beyoncé's Renaissance World Tour wrapped in October after nearly 60 shows, making more than $570 million. At one point, people were paying money for seats where they couldn't even see the concert.
- Taylor Swift entered her latest era (pun intended) of dominance through the sheer economic power of her own tour and film, while managing to register new voters and finally bring some attention to the NFL 😉.
- And the "Barbie" movie, brought to life through director Greta Gerwig and actress Margot Robbie, gave theaters a much needed lift by becoming the highest grossing film with over $1.4 billion in worldwide box office sales.
Why it matters: "Women have always been a deeply underestimated economic force," Blair Kohan, a partner and agent at the talent agency UTA, the agency that represents "Barbie" co-writer and director Greta Gerwig, told WSJ.
2. Banking fright 🏛️
This spring's collapse of Silicon Valley, Signature and First Republic banks led to worries about the strength of the U.S. regional banking system.
- But time proved that SVB and FRB were atypical, and the broader regional banking sector downturn was nowhere near as deep as was feared, Axios' Matt Phillips wrote in April.
- Circumstances around the regulatory shutdown of Signature Bank, which came after the collapse of crypto bank Silvergate, were also unique and aimed at stemming systemic risk.
Why it matters: "Muscle memory of the great financial crisis," persists, Art Hogan, chief market strategist at B. Riley Wealth, told Axios at the time.
1. Workers unite ✊
Hundreds of thousands of Americans won better labor contracts and working conditions this year in industries that couldn't be more different.
- The impact was felt from rail to retail coffee chains. Across car manufacturing, unionized and not. And from Hollywood to hotels.
- The combination of changing attitudes toward organized labor, a pandemic-emboldened workforce and leverage from a tight labor market (as Axios' Emily Peck described) has helped union and non-unionized workers grab everything from higher wages and more time off to air-conditioning in UPS trucks and assurances that AI can't interfere with artists' credit or rights.
Why it matters: Union membership as a share of the workforce may be at an all-time low, Axios' Nathan Bomey has written, but because the future of U.S. demographics signal continued labor force growth slowdown, workers will continue to hold power over employers.
The intrigue: The lone area where workers seem to be losing their ground is on keeping remote work as an option.
- In 2024, we think many more people will resume commuting begrudgingly back to offices.
Other notable headlines
- 🏢 WeWork filed for Chapter 11 bankruptcy protection last month.
- 🛀 Bed Bath & Beyond's liquidation, and its next life as just a brand.
- ⛳️ Golf tour rivals the PGA Tour and Saudi-backed LIV agreed to a surprise merger, but can they get it done.
- ✖️ Elon Musk named former NBCU ad chief Linda Yaccarino the CEO of Twitter, which he renamed X in April.
- 🌊 The implosion of OceanGate Expedition's Titan submersible, and the subsequent reflection on the extreme tourism industry.
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