Jul 4, 2018

Axios PM

Good afternoon. I hope you've enjoyed a restful day, with fireworks to come.

1 big thing: America gets its jobs mojo back

Workers are quitting their jobs again, a sign of confidence in the economy and a very good reason to feel optimistic on Independence Day.


  • "Workers are choosing to leave their jobs at the fastest rate since the internet boom 17 years ago," the WSJ's David Harrison and Eric Morath report.
  • "3.4 million Americans quit their jobs in April, near a 2001 peak and twice the 1.7 million who were laid off from jobs in April."
  • "Job-hopping is happening across industries including retail, food service and construction, a sign of broad-based labor-market dynamism."

Why it matters: "Job-switchers saw roughly 30% larger annual pay increases in May than those who stayed put over the past 12 months..."

The big picture: 2018 is the first year on record that the U.S. has more available jobs than people looking for jobs.

Be smart: We're still expecting major job losses from automation, without a solid answer for what we'll do about it.

  • As Axios' Steve LeVine noted earlier this year, "Congress and the Trump administration have yet to create a coherent policy response... including the potential for decades of flat wages and joblessness. But cities and regions are starting to act on their own."
2. What you missed

A young boy rides a toy firetruck during the Harper Street Parade in Newberry, South Carolina. The event, beginning as a small bicycle gathering with less than thirty children, attracted 4,000 people last year. Photo: Sean Rayford/Getty Images

  1. Several parts of Earth have set temperature records in recent weeks. Highlight: Quriyat, Oman, recorded a low temperature of 109° on June 28, the highest low temperature ever recorded on Earth. Go deeper.
  2. Amazon's new thing: "In a drive to win the business up for grabs after the demise of Toys 'R' Us Inc., the online giant is going conventional with plans to publish a holiday toy catalog," Bloomberg reports.
  3. Over 40 members of the WTO — including all 28 EU nations, Russia, China, Japan and India — approached the international body about potential Trump administration tariffs against foreign automobiles, according to Reuters.
  4. Two more tech companies have joined Google in refusing to work on military and police surveillance projects, a sign of the brewing rift between tech players and the government. Go deeper.
  5. Rep. Jim Jordan has vehemently denied that he ignored accusations of sexual abuse against the OSU wrestling team's doctor. Go deeper.
Bonus: How America is celebrating the 4th

A young girl waves the American flag during the Independence Eve at Civic Center Park in Denver. Photo: Andy Cross/The Denver Post via Getty Images

The AP catalogues today's noteworthy celebrations:

  • Boston: "The USS Constitution will sail in Boston Harbor and fire her guns again to mark Independence Day."
  • New York City: "In New York, the Macy’s fireworks show over the East River promises 25 minutes of sparkle and “ahhhh,” plus the West Point Band and entertainers including Kelly Clarkson, Ricky Martin and Keith Urban on NBC’s broadcast."
  • D.C.: Dueling concerts at the White House and the Capitol lawn.
  • Rhode Island: The Bristol parade, which started in 1785, is expected to draw 100,000 people.

Go deeper:

3. 1 fun thing

Takeru Kobayashi and Joey Chestnut. Photo: Bobby Bank/WireImage

Joey Chestnut, human freak of nature, broke his own world record today by eating 74 hot dogs and buns in 10 minutes.

Top women's finisher Miki Sudo ate 37.

Video and highlights.