May 6, 2019

Unicorn IPOs could mean tax jackpot for California

Photo: Josh Edelson/AFP/Getty Images

Uber and Airbnb are among at least six California-based companies valued at more than $1 billion expected to go public this year, creating a new class of millionaires and billionaires and a potential windfall for state budget writers, the AP reports.

Why it matters: It's an enticing way for lawmakers to fund chosen causes — a temptation legislative leaders are trying to resist. Lawmakers can't count on the money being there every year, and they want to learn from past mistakes.

Go deeper: Public markets take center stage with all eyes on Uber IPO

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Humility for forecasters: Jobs shocker is record miss

President Trump speaking in the Rose Garden following the release of the jobs report on May 5, 2020. Photo: Jonathan Newton/The Washington Post via Getty Images

Economists were projecting that May's jobs figures would show a loss of 8 million jobs and an unemployment rate approaching 20% — Great Depression territory.

The state of play: Instead, a record 2.5 million workers were added, and unemployment fell to 13.3% from April's post-World War II high of 14.7%.

Updated 57 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 6,772,361 — Total deaths: 395,703 — Total recoveries — 2,772,730Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 1,898,401 — Total deaths: 109,137 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: Fauci: "Very concerned" about spread of coronavirus amid George Floyd protests — Cities offer free coronavirus testing amid protests
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.

Trump's week of viral quicksand

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.