Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Reproduced from Mastercard; Note: Online survey conducted October 8-13, 2020 among 2,017 U.S. residents; Chart: Axios Visuals

Cities like Atlanta, Houston and Orlando helped buoy merchants' coffers in October, according to a snapshot from Mastercard, which looked at retail sales in the 20 largest U.S. metropolitan areas during the first 10 months of the year.

Why it matters: So far it looks like cities that stayed open the most during the pandemic notched bigger gains, according to Mastercard, which tracked all types of transactions (not just credit and debit cards).

By the numbers: Retail sales rose a paltry 0.3% in October, down from 1.6% in September, according to the Commerce Department, which looked at month-over-month sales (Oct. 2020 vs. Oct. 2019) compared with the 10-month-cumulative data examined by Mastercard.

  • Mastercard's assessment was rosier: It found a 6% rise in retail sales (excluding gas and auto) for the months through October — perhaps in part because merchants began holiday promotions early.
  • Spending was down in two of the 20 metropolitan areas Mastercard examined— Chicago and San Francisco.

Cities that spent the most on...

  • Furniture and furnishings: Phoenix, Sacramento, Orlando and Austin.
  • Grocery: Atlanta, San Diego, Sacramento, Boston and Seattle.
  • Apparel: Orlando, Houston, West Palm Beach and Tampa.

Sob, sniff: Among respondents to an accompanying Harris Poll survey conducted for Mastercard, "most (73%) would give up their gifts altogether to spend face-to-face time with friends and family this holiday season."

Go deeper

Updated Jan 13, 2021 - Axios Events

Watch: Recovery and resilience after COVID-19

On Wednesday, January 13, Axios' Dan Primack and Dion Rabouin hosted a conversation on the future of equitable economic recovery, featuring Rep. Ro Khanna (D-Calif.) and chef and World Central Kitchen founder José Andrés. They unpacked the pandemic's impact on small businesses and minority communities and spotlighting efforts to create an inclusive economy.

José Andrés discussed the impact of the pandemic on the hospitality and food industry, stressing the survival of restaurants as a critical part of the U.S. economic recovery.

  • On the food industry's need for federal support: "Restaurants will open again, and the issue is: how many are we going to lose from today until the next three, six months, or one year until everything goes back to normal? We have to make sure that the federal government is behind those businesses that are badly affected by this pandemic."
  • On ensuring living wages for workers: "We need to make sure that ... the food industry is not an industry that lives on the fringe of almost poverty, but that every American employee, every restaurant worker will make a decent living."

Rep. Ro Khanna unpacked the pandemic's impact on rural and minority communities and outlined a strategy for the Federal Reserve Board to better target their efforts.

  • On having the Fed scrutinize how they've been lending: "[We need] to make sure that lending isn't concentrated just to financial institutions and large corporations, that they're using their regional banks to be regional economic development banks considering rural and minority communities."
  • On taking a long-term approach to economic recovery: "We need to infuse [the Small Business Administration] with loans. I would do $10 trillion over 10 years to have 200,000 more loans to small businesses across America."

Axios co-founder and CEO Jim VandeHei hosted a View from the Top segment with Mastercard's strategic growth Vice Chairman and President Michael Froman who discussed the role of the private sector in times of crisis.

  • "The private sector can do a lot. And by this I mean not just philanthropy or corporate social responsibility or ESG efforts. As important as all of those are, the key is really getting companies to look at their products and services, technology and expertise and explore what they can do to have a positive social impact on a commercially sustainable basis."

Thank you Mastercard for sponsoring this event.

Updated 4 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."