Axios

As American office workers go back to working in person, pet adoptions are declining — and that's taking a toll on pet product sellers.

Why it matters: The pandemic brought about a boom in pet adoptions, but the peak is past.

The "vibe-cession" is on hold: American consumers felt much better about the economy in early December, Axios' Courtenay Brown writes.

• So says the University of Michigan's widely followed consumer sentiment index, which jumped a whopping 8 points from the prior month.
• It was the first increase in four months, with broad improvement in sentiment across all age groups and political affiliations.

Why it matters: A key question has been why Americans felt so down about the economy when key indicators — cooling inflation, boom-like economic growth and healthy jobs growth — have been so strong.

Teeth aligner company SmileDirectClub is shutting down.

Why it matters: SmileDirectClub filed for Chapter 11 bankruptcy protection in September, having failed to profitably corner the promising but highly competitive world of removable, clear-plastic teeth aligners.

November's jobs report shows the American labor market is still flourishing with strong employment and wage growth — alongside workers flooding into the labor force.

Why it matters: The penultimate payrolls release of 2023 shows that the economy skirted recession fears, underpinned by a strong labor market.

Alaska Airlines' proposed merger with Hawaiian Airlines would mark the latest in a decades-long run of industry consolidation that's left travelers with just five major carriers to choose from, per an Axios analysis of Airlines for America data.

Driving the news: Today's five biggest airlines — Delta Air Lines, American Airlines, United Airlines, Alaska Airlines and Southwest Airlines — have gobbled up 42 others since 1960.

The U.S. labor market added 199,000 jobs in November, while the unemployment rate fell to 3.7% from 3.9%, the Labor Department said on Friday.

Why it matters: The jobs market surprised to the upside, with more jobs than economists anticipated, easing concerns that the labor market is rapidly cooling.

U.S. tariffs on women's clothing are higher than on men's clothing, finds a new analysis from a former U.S. trade official.

Why it matters: It's an illustration of how gender discrimination can get embedded into policy — in this case in the taxes the federal government tacks on to imported goods.

Global markets think the war against inflation is over. And the Fed won.

Why it matters: Reading the tea leaves from bond, stock and currency markets sheds light on how investors believe the economy will develop next year.

A McDonald's spinoff with a focus on beverages over burgers is opening its first location this week.

Driving the news: The fast-food giant announced that the first CosMc's small-format concept restaurant will open near Chicago in Bolingbrook, Illinois.

The Christmas countdown is on and consumers have increased gift budgets in the final weeks of the holiday shopping season, according to a new Gallup survey.

Why it matters: Despite falling consumer sentiment, Americans plan to spend an average of $975 on gifts — a $52 increase from what consumers thought in October, the survey found.

Enterprise blockchain projects from the world of traditional finance usually go nowhere, but one European bank's stablecoin could flourish outside the confines of its walled garden.

Why it matters: Bank-issued stables are a big no-go in the U.S. and how to regulate it remains a point of contention for the industry and policymakers.

Major economic powers, including the U.S., are turning inward — a trend sped up by the pandemic and efforts to boost domestic industries.

Why it matters: The shift away from hyper-globalization poses huge questions for what lies ahead.

Here's what's new on Prime Video, Paramount+, Netflix, Hulu, Peacock, Disney+ and Apple TV+ this weekend.

What we're watching: Another star-studded apocalyptic thriller from Netflix, a recap of Coach Prime's first season at Colorado and Adrian Monk's final case.

Autoworkers at the only Volkswagen plant in the U.S. have launched a voluntary organizing committee in coordination with the UAW — the first step toward officially joining the union, workers exclusively tell Axios.

Why it matters: The UAW recently launched a bid to organize 13 non-unionized automakers in the U.S., aiming to build on its momentum after winning record contracts following a strike at General Motors, Ford and Stellantis.

Criticism is growing of a paper released this week, which claimed some investors may have profited on advanced knowledge of Hamas' Oct. 7 attacks on Israel.

Why it matters: The paper — by two law professors, one a former SEC commissioner — received widespread attention.

Nearly a quarter of workers believe that they'd get a raise if they just asked for one, according to polling data from Morning Consult.

Why it matters: Though it's a minority of workers, the number's grown considerably this year even as the job market has started to slow down.