Axios Closer

February 21, 2023
Tuesday โ .
Today's newsletter is 697 words, a 2ยฝ-minute read.
๐ The dashboard: The S&P 500 closed down 2.0%, as concerns mount that conditions will prompt the Fed to keep interest rates higher for longer.
- Biggest gainer? General Mills (+4.4%), the consumer foods company, after citing consumer demand in lifting its fiscal 2023 forecast.
- Biggest decliner? Nordson Corp. (-13.9%), the adhesive manufacturer, missed expectations on sales and earnings in the recent quarter.
1 big thing: Flexibility premium
Illustration: Sarah Grillo/Axios
If you felt more rested today and are wondering if three-day weekends could become a permanent fixture, you've come to the right newsletter, Hope writes.
Driving the news: Results out this morning from the world's largest four-day workweek trial show how roughly 3,000 workers across 61 companies in the U.K. benefitted in areas of stress, burnout and work-life balance.
What they're saying: "Anecdotally," offering shorter weeks as a benefit to attract talent "is the No. 1 reason companies approach us," says Hazel Gavigan, global campaigns and activation officer at the nonprofit group 4 Day Week Global, an organizer of the pilot program.
- "Smaller tech companies, in particular, can't compete with the massive salaries that Google and Facebook offer, but they can offer really attractive benefits."
Zoom out: With labor markets expected to remain tight, workers will likely retain some bargaining power in dictating how and when they perform their jobs.
What the U.K. trial found: Work stress decreased over the period of June to December 2022, according to the study.
- 71% reported reduced levels of burnout, compared to 22% who felt it increased.
- 54% found it easier to balance work with household jobs.
Be smart: Child and family care remain top priorities for people considering job opportunities, the U.S. Chamber of Commerce has found.
Yes, but: Before everyone gets too excited about the prospect of permanent three-day weekends, systemic challenges and inequities remain โ particularly for women, caregivers and lower-income workers.
2. Charted: Our fastest growing hobbies


If you've been throwing axes, blowing molten glass into vases and finishing the day off with pickleball, then you're just like everyone else.
- According to new data out today from Yelp, Americans have been searching for all kinds of ways to fill new chunks of leisure time, Hope writes.
4. Retail earnings week
Photo: Kena Betancur/VIEWpress via Getty Images
We're watching for wobbling consumer strength as retailers report 2023 outlooks starting this week, Hope writes.
- Walmart said this morning that it's approaching the year with tepid expectations, CNBC reports.
- Home Depot warned of slowing demand for home improvement tools, roofing and soft flooring.
The big picture: "If you look at economic indicators, [household] balance sheets are running thinner and savings rates are declining relative to previous periods. And so thatโs why we take a pretty cautious outlook on the rest of the year," Walmart CFO John David Rainey told CNBC.
- Inflation helped drive average receipts up 5.8% at Home Depot in the three months ending Jan. 29 compared to a year ago, while total customer transactions fell 6%.
Also on tap this week: Overstock, TJX, The Cheesecake Factory and Wingstop are up tomorrow, followed by Wayfair, Bath & Body Works, Papa Johns and Domino's on Thursday.
5. Road trip!
Joann stopped at a kitschy roadside attraction called South of the Border in South Carolina. Photo: Joann Muller
With all the recent talk about EVs and charging stations, aren't you wondering what it'd really be like if you tried to drive one from, I don't know, Michigan to Florida?
- Well so did Axios' Joann Muller. So she did.
Driving the news: Today, Joann gave us seven key lessons she learned on her 1,500-mile experiment:
- Chargers aren't where you expect them, don't expect lots of amenities nearby, and sitting there while you charge up doesn't always feel safe.
- Meanwhile, charging away from home is expensive. Not all "fast" chargers are the same, and "fast charging" is slower than expected.
The other side: You'll run into fellow EVers eager to compare notes, share tips and check out each other's ride.
What to watch: Results of the federal government's $7.5 billion investment toward a national charger network and Tesla's plan to double its own network and open its chargers up to other brands.
- Other players, such as Electrify America, EVGo and ChargePoint, are beefing up their networks too.
6. What they're saying
โIf folks are experiencing symptoms with which theyโre not accustomed, I would strongly encourage them to go see a trusted medical professional.โโ Norfolk Southern CEO Alan Shaw told CNBC in an interview, referring to the "traumatic experience" of its freight train derailment earlier this month in East Palestine, Ohio.
Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller.
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