Axios Closer

October 12, 2021
Today's newsletter is 688 words, a 2½-minute read.
🔔 The dashboard: The S&P 500 fell 0.2%.
- Biggest gainer? MGM Resorts (+10%) after an analyst upgraded the stock.
- Biggest decliner? HP Inc. (-4%) after a report that prices for key memory chips could fall next year — spooking the whole sector.
1 big thing: High prices, no workers


Here's a fresh snapshot of America's small business recovery — in four charts — according to a closely watched survey out today.
- Never before have so many small businesses reported unfilled jobs. In response, a record share are planning pay hikes to attract workers.
- The percentage planning to raise their prices is the highest in almost 50 years: [I]nflation is squeezing profits ... so firms are raising selling prices," says Bill Dunkelberg, chief economist at the National Federation of Independent Business, the lobbying group that conducts the survey.
Why it matters: The same problems plague their giant counterparts, but Main Street has less of a buffer — not to mention fewer resources — to cope.
The intrigue: Complaints about sagging sales soared at the onset of the pandemic. Now they are at all-time lows, a sign of the demand pickup that requires more staff.
- "Small business owners are doing their best to meet the needs of customers, but are unable to hire workers or receive the needed supplies and inventories," Dunkelberg says.
The bottom line: The pandemic shock pushed the indicators shown above to historic levels.
- In a matter of months, they are exploding in the opposite direction — a testament to the quirkiness of the economic recovery.
2. Breaking: Hasbro CEO passes away
Hasbro's Brian Goldner in 2010. Photo: Craig Ruttle/Bloomberg via Getty Images
Hasbro's longtime chief executive Brian Goldner, 58, has died, the toymaker said this afternoon.
- Last year, Goldner — who was named CEO in 2008 — disclosed he was undergoing continued medical treatment for cancer since 2014, CNBC reports.
What they're saying: “Since joining the company more than two decades ago, Brian has been the heart and soul of Hasbro,” interim CEO Rich Stoddart said in a statement.
- Goldner helped push Hasbro beyond toys — and into television, movies, and digital gaming.
3. What's happening
Two signs of supply chain relief: Key assembly plants in Vietnam — which serve Intel and Samsung — may be operating at full capacity by next month after COVID-related shutdowns. (Bloomberg)
- And Toyota Motor wants to resume auto production with a rebound in shipments from pandemic-hit suppliers. (Reuters)
💼 "Great Resignation" update: The number of Americans quitting their jobs hit a new high in August. Leisure and hospitality workers lead the way. (Release)
Craze on craze: Coinbase opened a waitlist for a marketplace that lets the crypto exchange's users mint, collect and trade nonfungible tokens. (CNBC)
4. Airbnb's bold prediction
Illustration: Shoshana Gordon/Axios
Airbnb global head of hosting Catherine Powell says the "hosting economy" will include as many people as the creator economy does, Axios' Hope King files from D.C.
The big picture: The creator economy — businesses built by independent content creators — is currently made up of more than 50 million people, according to SignalFire, a venture capital firm.
- The home rental industry is just a fraction of that: Airbnb currently has 5.6 million listings on its platform globally (including experiences), VRBO has 2 million homes, FlipKey has 830,000 properties and Homestay has 63,000 rooms.
What they're saying: “There is definitely a cause and effect of people who were impacted by the pandemic turning to hosting," particularly women, Powell tells Hope on the sidelines of Fortune’s Most Powerful Women Summit.
- Hosts who self-identify as women make up 55% of the platform, 44% of whom say income from hosting has helped them stay in their homes.
5. Hot job: Delivery food critic
Bags of takeout orders at Sushi Taro in Washington, D.C., May 2020. Photo: Sarah Silbiger/Getty Images
This is the job the pandemic prepared us for: a D.C.-based publication is hiring a "carry-out food critic."
- The Washington City Paper is hiring a restaurant reviewer to "focus exclusively on takeout."
- Why? Because "does D.C. really need someone assessing the sear on the scallops ... at restaurants that are already heavily covered by others?" the listing reads.
- For every 800-word review, you'll pocket $300 — plus reimbursement for meals up to $50.
Axios' Kia Kokalitcheva's reaction (via Slack): It's right up there with Texas Monthly's taco editor and SFGate's burrito reviewer!
6. What they’re saying
"That's like charging us for dinner before we know if we're getting hot dogs or caviar."— Mike Mayo, an analyst who covers banks at Wells Fargo. Mayo says a special payout (up to $5 million) to top Citi executives is contingent upon the company (and stock price) hitting certain targets, but there are no specifics.
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Catch up on the day's biggest business stories and look ahead to important trends. Led by Nathan Bomey.


