Axios

Celebrities are starting retail brands at a feverish pace, capitalizing on their social media prowess to sell goods to customers interested in their brands.

Why it matters: The celebrity retail phenomenon entered a new stratosphere this week when Kim Kardashian's apparel brand, Skims, raised money at a $4 billion valuation.

Fewer businesses are testing employees or prospective hires for cannabis use in response to widespread legalization of the drug, according to data from Quest Diagnostics, one of the largest drug-testing laboratories in the country.

Why it matters: The drop in testing comes amid "overwhelming" support for legalization for medical and recreational purposes, indicating that the drug is becoming more socially acceptable.

If rapidly advancing artificial intelligence is as important for industries and jobs as many people think it is, it will have massive implications for economy-wide productivity, growth, incomes, inflation and more.

Why it matters: Widespread use of generative AI could create a surge in productivity growth. And for all the disruption it entails for individual companies and workers, it should boost incomes and trend growth.

Here's a remarkable little snapshot of the state of U.S. home prices.

Driving the news: New data shows the median price for an existing single-family home — as opposed to a newly built one — stood at $416,000 in June.

As the unlikely double-feature success of Barbenheimer grips moviegoers and theaters, consumer interest in making an event out of going to the movies has never been clearer.

• That's something Alamo Drafthouse, which has recovered and expanded since a 2021 pandemic-era bankruptcy and several closures, has been doing for a long time.

With more choices, falling prices and a newly available federal tax credit, there's finally a decent market for affordable, pre-owned electric vehicles (EVs).

Why it matters: People buy more than twice as many used cars as brand new models, so a vibrant secondary market is key to broader EV adoption.

The Midwest and Southeast are hot spots for retail health clinics, per new data from health care analytics firm Definitive Healthcare.

Why it matters: Retail clinics — which are located inside retail or convenience stores and offer basic health services like vaccinations and minor injury care — offer an easy-to-access alternative to emergency rooms, urgent care clinics and primary care providers.

Talented job applicants sometimes flunk their interviews because they haven't stopped to study how to audition.

• We've run into interviewees who haven't read up on the company, the people interviewing them or our Axios culture.
• Or they don't have much to say, even when prompted. Or they sound more fixated on their "brand" than the job itself.

Why it matters: If you're going to take the time to pitch yourself for a new gig, you better really want it — and come ready to dazzle.

Tesla once spurned advertising and traditional automotive events, but the automaker is increasingly embracing such traditional marketing.

Why it matters: The intensifying competitive landscape for electric vehicles is forcing the company to work harder to win over customers.

The NFL team owners voted unanimously on Thursday to approve of private equity executive Josh Harris acquiring the Washington Commanders from current owner Dan Snyder, the league said in a statement.

Why it matters: The $6 billion deal is the largest ever for a pro sports team and ends an ownership tenure that included more scandals than playoff wins.

As the writers and actors strikes continue, TV networks are cobbling together schedules for the fall season and putting their hopes on unscripted content.

Why it matters: Broadcast networks already desperate for viewers will face new challenges in trying to retain eyeballs as more people transition to streaming.

Car thefts in dozens of cities across the U.S. have skyrocketed so far this year, according to a new report on crime.

Why it matters: Motor vehicle thefts are up by roughly 34% from the same period last year, underscoring how crime patterns have evolved as the country has emerged from the pandemic.

CoinDesk, a media company focused on cryptocurrency, is nearing to deal to be sold to an investor group for $125 million, Axios has confirmed. The news was first reported by the Wall Street Journal.

Why it matters: CoinDesk's parent company Digital Currency Group has been hit by the downturn in the crypto industry.

America now has two instant payment systems. FedNow — operated by the Federal Reserve — went live this morning. It runs in parallel to RTP, the 5-year-old real-time payments system operated by The Clearing House.

Why it matters: It's not yet obvious that two is better than one, especially given that the two systems are not interoperable.

• The Fed is touting FedNow as offering the instant, round-the-clock ability to issue a paycheck or pay an invoice.

By the numbers: So far, 35 banks have signed up as early adopters of FedNow, including JPMorgan Chase and Wells Fargo, but notably not including Citigroup or Bank of America. That number is rather lower than the Fed led us to believe as recently as recently as June.

• The U.S. Treasury is also signed up as an early adopter of FedNow.
• Some 353 banks and credit unions have signed up for RTP.
• In order to use either service, both the sending and the receiving bank need to be signed up for the system.

The bottom line: It's still likely to be years before most people use instant payments on a daily basis, as they do in countries like the U.K., India and Brazil. The government isn't forcing banks to sign up for either of the two systems, and for the time being, there still isn't a strong business case for banks to do so.

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America's working women were feared to suffer the worst in the pandemic recovery. The opposite, however, has proven to be the case, with women serving as historic drivers of a labor market that remains surprisingly strong.

Why it matters: The pay gap between full-time working women and male counterparts is now the narrowest on record. The dynamic has been long in the making — a reflection of discrimination's slow fade and other structural forces that have held women back on pay.

Substack on Thursday announced that writers on its platform have collectively earned more than $1.2 million from reader "pledges," or financial commitments to writers made before they turn their paywalls on.

Why it matters: The success of the feature, which Substack debuted in January as a way to encourage its writers to put their content behind paywalls, indicates that writers have more leverage than they may realize in charging fans for their content.

Communicators have become more important players in transitioning a company from startup to grown-up through an initial public offering (IPO).

Why it matters: An IPO is the moment to tell the world why a company matters — and telling the right story with the right messaging to the right people is crucial for a successful listing.

The workplace review platform, Glassdoor, is creating more opportunity for employees to anonymously air their grievances.

Driving the news: Glassdoor has launched new message boards, called "bowls," to allow users to anonymously engage in "real talk" around topics or companies they care about.

A ticket sold in California is the sole winner of the $1.08 billion Powerball jackpot, the sixth-largest U.S. lottery prize ever.

Driving the news: The cash option for the July 19 drawing was an estimated $558.1 million, lottery officials said in an email early Thursday.

A new reality is emerging out of the ashes of last spring's banking crisis — and it doesn't look as apocalyptic as some observers had feared.

Why it matters: The Fed's drastic rate-hiking campaign changed the dynamics of the banking business — and as U.S. midsize banks report earnings this week, more specifics are emerging on how that new world operates.

Walmart has joined the growing list of stores, theaters and attractions that offer "sensory-friendly" hours for people with autism spectrum disorder or other neurodivergent conditions.

Why it matters: Disabilities are often invisible, and by setting aside time during the business day when the lights are lower, sounds are softer and the pace is more relaxed, companies allow patrons with sensory issues to participate more fully in normal life routines.

Most Americans want to retire, but only half feel like they’re able to save for the future.

The big picture: Many Americans who haven't yet retired say they are unprepared for retirement, unsure how to prepare and unsure if they even want to fully retire, according to a new Axios-Ipsos poll.