Axios PM

May 12, 2023
๐ Happy Friday! Today's PM โ edited with aplomb by Emily Peck, co-author of Axios Markets โย is 540 words, a 2-min. read. Thanks to Carlos Cunha for the copy edit.
1 big thing: The booming Taylor Swift economy

Taylor Swift's 52-night, 20-city tour through the U.S. is breaking attendance records โ and it's poised to be one of the highest-grossing tours of all time, writes Axios' Erica Pandey.
- But the Eras Tour's influence extends beyond just ticket and merch sales.
๐ผ๏ธ The big picture: The pop star's concerts are fueling an entire Taylor Swift economy โ as fans spend big on travel, lodging, makeup, fashion and food to attend the shows.
What's happening: Many fans are traveling to different states to catch shows because they grabbed whatever tickets they could get. Each stop on the tour is prepping for a mini-boom.
- Glendale, Arizona, the tour's first stop, temporarily renamed itself "Swift City." Hotel rates skyrocketed as fans poured in from around the country and world, the Arizona Republic reports.
- In Houston, Swift boosted hotel occupancy rates more than the NCAA men's Final Four, Axios Houston's Shafaq Patel writes.
What to watch: Philadelphia, where Swift is playing this weekend, is prepping for its rush.
- Case in point: The Courtyard by Marriott in South Philly, located near the concert venue, is completely booked โ which isn't typical when a musical act plays at the 65,000+-seat stadium.
The bottom line: It's "Swiftonomics," writes Bloomberg's Augusta Saraiva.
2. ๐ Job satisfaction at record high


Turns out workers in the U.S. are pretty happy: Job satisfaction is at a 35-year-high, Axios' Emily Peck reports from new Conference Board data.
- Why it matters: The numbers complicate the popular narrative about unmotivated workers quiet quitting or putting in the bare minimum.
Job switching and a strong labor market play a big role here. Those who recently started a new job โย a number that's been historically high over the past few years โย saw much bigger jumps in work satisfaction.
- How it works: More people who are unhappy in a job find work they like better. Ta-da! Job satisfaction increases overall.
Of note: Women are less satisfied at work than men along most measures.
- Plus: Those with hybrid work arrangements were happier than folks working either in-person or fully remote.
3. Catch me up

- โ๏ธ Above: NYPD detectives walk former Marine Daniel Penny, 24, out of Manhattan's 5th Precinct in handcuffs today. Penny turned himself in after being charged with second-degree manslaughter for the chokehold death of Jordan Neely during an F-train subway confrontation on May 1. Go deeper.
- ๐ค It's official: Elon Musk announced that NBCU ad chief Linda Yaccarino will be Twitter's new CEO. Go deeper.
- ๐ธ U.S. at "significant risk" of default in the first two weeks of June, CBO says. Go deeper.
- ๐ซ Student loan repayment pause will end "no later than June 30," Education Secretary Miguel Cardona says. Go deeper.
4. โค๏ธ To all the single moms

Only when I experienced single parenthood myself did I realize its challenges, Axios Miami reporter Deirdra Funcheon writes, in a moving tribute to single mothers just in time for Mother's Day on Sunday.
- If you're struggling, she promises: It gets easier.
Read Deirdra's story .... And Happy Mother's Day to all the moms out there!
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