Wells Fargo employees in its Albuquerque, New Mexico, branch voted to unionize Wednesday.
Why it matters: They are the first big bank workers to unionize in the U.S. — a move that reflects the growing momentum of unions across industries in recent months.
Solid growth. Jobs aplenty. Falling inflation. Low recession odds. That, in nine words, is the Axios Macro Consensus — what readers expect to see in the year ahead.
Why it matters: To the degree your outlook is shared by other consumers and business decision-makers, it bodes well for the economy. Much of last year's apprehension has evaporated this time around.
Toyota announced it is recalling roughly 1 million vehicles because of potential issues with sensors that allow airbags to deploy correctly.
Why it matters: It's the latest major recall for the automaker, which announced a recall of over 1.85 million RAV4 sports utility vehicles in November because of fire risks associated with batteries.
The misery index — the sum of the unemployment rate and the inflation rate — is ending 2023 at 6.8%. That's its lowest point since the pandemic hit in March 2020 and well below the 8.3% average for the century to date.
Why it matters: Unemployment and inflation are the two great causes of real (rather than merely vibes-based) economic misery.
Vlad Tenev, the CEO and co-founder of trading app Robinhood, has a unique relationship with copper cookware.
The big picture: Wealth preservation comes in many forms and can't be taken for granted, as Tenev saw firsthand growing up amid hyperinflation in Bulgaria — an early experience that helped shape how he thinks about Robinhood's mission.
The Iranian-backed Houthi rebels vowed on Tuesday to defy a U.S.-led naval mission and continue targeting Red Sea shipping off the coast of Yemen in support of Hamas.
By the numbers: There have been 37 incidents involving shipping vessels from Nov. 19 to Dec. 18, most of which were concentrated near the Bab el-Mandeb Strait, according to Ambrey Analytics, the digital intelligence arm of the Ambrey maritime risk management group.
Days before Christmas, the Internal Revenue Service said it is waiving $1 billion in tax penalties for 4.7 million individuals, businesses and organizations who owe back taxes.
Why it matters: The rare relief is about $200 on average for each affected taxpayer and about 70% of those affected have household incomes below $100,000, the IRS announced Tuesday.
Driving the news: The federal agency said last week that two Empower Brands air fryer models have an internal connector that can break during use, creating a burn risk.
