Axios

The average hourly rate for a babysitter leapt 11% in 2021 to $20.57 an hour — far outpacing the 7% rate of inflation — as the labor shortage made child care providers harder to find.

Why it matters: The increase was undoubtedly a big blow for many working parents. But higher wages are great news for babysitters themselves, who have traditionally been underpaid.

The International Monetary Fund said Saturday that Russia's continued invasion of Ukraine and the related economic sanctions will have a "severe impact on the global economy."

Driving the news: "While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious," the IMF said in a statement.

New efforts by the Kremlin to bully the press and silence dissent are forcing independent media and social networks out of the country.

Why it matters: Russians are losing access to independent reporting about the war, while the West loses insight into an already isolated leader.

The Russian invasion of Ukraine is turning into a seismic event for the aviation industry just as it emerges from the COVID-19 downturn.

Why it matters: The closure of vast stretches of airspace from North America to Russia has airlines scrambling to determine what routes are still feasible and which flights can be rerouted. Flight times are increasing, along with their carbon footprints.

The U.S. ranks 38th in the world on the newly released 2022 SDG Gender Index, which tracks the empowerment of women and girls across a variety of metrics — from health to education to workplace rights. The report looks at pre-COVID data, and its authors warn that the picture for women and girls is even worse today.

The big picture: In a crisis, progress on gender equality tends to get rolled back — women and girls are often first to leave their jobs or schools to handle more caregiving responsibility, for example.

Today is Employee Appreciation Day, but with the Great Resignation ongoing, this might start feeling like an everyday occurrence.

Why it matters: When employees feel appreciated, they’re more likely to do a good job and less likely to leave.

The price gap between organic and conventional foods is shrinking.

Why it matters: Organic food has historically been harder to afford than regular items, putting it largely out of reach of many lower-income shoppers.

A learning platform founded by two Latinos is starting to make waves with TikTok-style lessons for high schoolers in the U.S.

Driving the news: Emile Learning offers high production, short and engaging videos for subscribers, modeled after the content young people consume.

Digital health valuations will recover from their recent dip, CRV general partner Kristin Baker Spohn on Friday said at an Axios Pro Insights event.

"The pendulum swung a bit too far one way and has swung a bit too far back the other way ... I think we'll see an evening out over the next few quarters. In advance of that, I think we'll see increased consolidation."

Go deeper: Start your Axios Pro free trial

Insider has tapped New York Times advertising sales veteran Maggie Milnamow as its new chief revenue officer, reporting to Insider president Barbara Peng.

Why it matters: She'll oversee Insider's advertising team, which consists of about 130 people.

The COVID-19 pandemic helped supercharge investment in lab testing startups, which were one of the "last areas" of health tech innovation, Everly Health CEO Julia Cheek said Friday during an Axios Pro Insights event.

What they're saying: "Everyone needs a lab test annually, if not more often, but most Americans compared it prior to COVID to going to the DMV," says Cheek, whose company is valued at nearly $3 billion by venture capitalists.

E-commerce group Trafilea, parent of shapewear marketplace Shapermint, is in talks with private equity and venture capital firms to raise its first significant capital of around $50 million to $100 million in equity, its co-founder and CMO Massimiliano Tirocchi tells Axios.

Why it matters: The funding plans come as competition for the intimates and shapewear marketplaces is fierce, including the original Spanx and newer entrants such as reality star Kim Kardashian's Skims.

In the wake of new Russia sanctions, users of some so-called decentralized finance apps and services in Iran and Venezuela found themselves unable to access their digital assets on Thursday.

Why it matters: In theory, Web3 is supposed to provide a safe haven from geopolitical concerns. But in practice, dApp users are finding there are limits to decentralization.

The COVID pet boom is unleashing more opportunities for investment across the burgeoning veterinary care industry, sources tell Axios.

Why it matters: Veterinary care is one of the largest pockets of spending for pet parents — and arguably the most important. And, like medical care for humans, it faces a big labor shortage.

Disney on Friday said it would debut an ad-supported tier for Disney+ in the U.S. by the end of the year. It plans to reveal the price of the new plan later this year.

Why it matters: The ad-supported tier, which will presumably cost much less than Disney+'s current $8 monthly subscription in North America, will help the company accrue more customers who may be looking to save money as the subscription streaming landscape becomes more crowded.

French luxury brand Hermès announced Friday that it will temporarily close all its stores in Russia, saying it was "deeply concerned by the situation in Europe."

The big picture: It's one of the first big luxury brands to announce such a move. Other businesses and companies worldwide have abandoned operations in Russia and condemned its unprovoked invasion of Ukraine.

Cryptocurrencies have become a subplot in the Ukrainian horror story, in terms of both funding humanitarian efforts and potential sanctions avoidance.

Why it matters: This is the crypto industry's moment of truth.

Volocopter, a German eVTOL developer, raised $170 million in Series E funding at a $1.7 billion pre-money valuation. WP Investment led, and was joined by Honeywell and insiders Atlantia, Whysol and btov Partners.

Why it matters: The aerospace upstart also disclosed a commercial launch deadline of mid-2024 in Paris, just in time for the Summer Olympics. Doesn't mean Volocopter will hit that mark, or that it won't fly earlier, but it's nice to have some particulars on the promise.

Flume Health, a New York-based health plan builder for organizations, raised $30 million in Series A funding led by Optum Ventures, bringing its valuation to roughly $100 million, the company's CEO tells Axios exclusively.

Why it matters: Employers remain digital health's prime mover, and newer entrants like New York-based Flume help companies build health plans catered to their members.

It was a winter of surging job creation. Employers created jobs on a mass scale, Americans returned to the workforce, and the labor market shrugged off the Omicron variant and its broader pandemic funk.

• That's the takeaway from the February jobs report, which showed employers added 678,000 jobs last month. December and January job growth was better than previously thought, and the unemployment rate fell to 3.8%.

Prices for metals crucial to manufacturing — especially the auto industry — continued to soar.

Why it matters: This is part of the inflationary shock of Russia's invasion of Ukraine, and the world's response to it, which could disrupt supplies.

Mushrooms are showing up everywhere these days — as meat substitutes, in coffee, in environmentally friendly packaging and in a promising treatment for depression.

Driving the news: Produce Blue Book has declared mushrooms one of the "top five food trends for 2022." (The others are potato milk, indoor farming, restaurant evolution and packaging innovation.)

• "Out of all the produce categories to pick as "trendy," I think mushrooms are going to be the one that continues to gain popularity with consumers," writes Pamela Riemenschneider, retail editor for Blue Book Services, which provides marketing information for the fruit and vegetable industry.
• "From oyster mushrooms masquerading as scallops to consumer interest beyond buttons and criminis, consumers are looking for a meaty umami flavor without the meaty calorie load."

Details: 'Shroomy new products are flooding the market.

• Pan's Mushroom Jerky is made with shiitakes.
• Giorgio's Shredded Portabella Mushrooms come in two flavors, Sriracha and barbecue.
• Shrooms Crispy Mushrooms are a potato chip alternative that come in flavors like sea salt, spicy jalapeno and mesquite barbecue. (The manufacturer also sells Shrooms Snack Bars in flavors like Crispy Mushroom Chocolate Chunk.)

Mushroom coffee is cropping up everywhere — it's even sold at Walmart — and a new line of mushroom oat milk drinks has hit the market.

• Drinksfeed.com offers a primer on "how to choose your first mushroom coffee."
• "When they are used for beverages, they are typically dehydrated, made into an extract, and blended into coffee or other drinks," per Feast and Field.
• While the health benefits are likely overblown, "proponents claim mushroom beverages have the potential to boost immune function, reduce inflammation, and support energy levels throughout the day."

Bonus: Our colleague Asher Price at Axios Austin has been brewing up broccoli tea.

Airbnb is "suspending all operations in Russia and Belarus," the home rental company's CEO Brian Chesky tweeted late Thursday.

What they're saying: Airbnb said in an emailed statement on Friday that the decision "means that we will block calendars from accepting new bookings in both countries until further notice."

Ripping Russia, the world's 11th largest economy, out of the global financial system is bound to cause collateral damage for other countries, people and systems.

Why it matters: Even the most targeted bombing campaign can strike bystanders, and an economic war is perhaps more indiscriminate — and harder to control.

Tech workers at the New York Times voted overwhelmingly in favor of unionizing with the NewsGuild Thursday night.

Why it matters: The 600-member Times Tech Guild will be the largest union of tech workers with bargaining rights in the country, per the NewsGuild.

Veteran news anchor Katty Kay is returning to the BBC, where she was previously BBC World News anchor. She will be joining the broadcaster as U.S. special correspondent for BBC Studios, where she'll work across documentaries, podcasts and news.

Why it matters: Kay left BBC last May to join Ozy Media, which was clouded by scandal following a New York Times report alleging executives at Ozy committed securities fraud. She resigned from Ozy in September, shortly after the report.