🚨 Axios PM: It's not over

Plus: New Barbie icon | Tuesday, May 02, 2023

Open in app View in browser   Presented By Amazon   Axios PM By Mike Allen · May 02, 2023 👋 Hello, Tuesday happy hour! Today's PM — edited by Erica Pandey — is 486 words, a 2-min. read. Thanks to Sheryl Miller for the copy edit.     1 big thing: Banking crisis isn't over yet Data: FactSet. Chart: Axios Visuals Today's stock market slide confirms the signs we saw in yesterday's market rumbles: The banking panic is far from over. ⚡ Catch up quick: The S&P 500 regional banking subindex tumbled another 6.5% today, showing that yesterday's sale of chunks of First Republic Bank to JPMorgan didn't end the crisis that began with Silicon Valley Bank in March, Axios' Matt Phillips writes. Investors seem to have read the resolution of First Republic not as a sign that the worst is over, but as a reason to keep sniffing out other — though perhaps smaller — weak spots in the system. Case in point: Utah's Zions Bancorporation and Los Angeles' PacWest Bancorp both saw double-digit tumbles today. 🥊 Why it matters: The ongoing crisis will reverberate beyond the markets. As lending likely tightens up amid the banking turmoil, it will pose a headwind for the economy. American companies rely on loans for investment, and when the flow of credit is curtailed by a financial panic, the economy suffers. The bottom line: Markets seem to be pricing in rising risk of an economic slowdown. Go deeper.     2. 💼 Charted: Cooling job market Data: Department of Labor; Chart: Axios Visuals Job openings declined for the third straight month, while quit rates declined and layoffs ticked up — signs that the labor market may be loosening up, Axios' Courtenay Brown writes from this month's Job Openings and Labor Turnover Survey. Quits are retreating to the levels seen pre-pandemic. The quit rate among private-sector workers was 2.7% in March, down from its 3.3% peak in April of last year and almost back to the 2.6% seen in January 2020. High quits are a sign of confidence among workers about the prospects of finding another job with (likely) higher pay, economists say. The slowdown in quitting may be beginning to signal the opposite. Share this story.     A message from Amazon "Amazon is footing the bill"     When Dana started working at Amazon, she didn't have her high school diploma. Then she heard about the Amazon Career Choice program, and she earned her GED in just two months. Even better: "Amazon paid 100% of my GED," she said. "It was such a weight off my shoulders." Hear more from employees.     3. Catch me up Photo: Saul Loeb/AFP via Getty Images Above: 🇵🇭 Vice President Harris and Second Gentleman Doug Emhoff today welcomed Philippine President Ferdinand Marcos Jr. and his wife, Louise Araneta-Marcos, for brunch at the vice president's residence. Readout on the meeting. 🛰️ The U.S. military remains arguably the most sophisticated in orbit today, but Russia and China are quickly developing technologies that could interfere with — and even take out — U.S. satellites. Go deeper. 🌿 Oregon Secretary of State Shemia Fagan resigned under pressure today for taking outside consulting work with a major cannabis company whose owners contributed to her campaign. More from Axios Portland.     4. 🎀 1 fun thing: New Barbie icon Photo: Mattel via AP Asian American Hollywood trailblazer Anna May Wong has her own Barbie. This week, Mattel released a doll modeled after Wong — considered the first major Asian American movie star — for AAPI Heritage Month. The figure is dressed in a red gown with a shiny golden dragon design and cape, inspired by Wong's appearance in the 1934 movie "Limehouse Blues," AP's Terry Tang writes.     A message from Amazon From a seasonal job to a long-term career     Jessica turned a seasonal, part-time job into an IT career with the help of free skills training at Amazon. Even better: Amazon is paying for her to finish her bachelor's degree. "I've been promoted three times," she said. "It's been a huge boost in pay." Hear from more employees.   Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. To stop receiving this newsletter, unsubscribe or manage your email preferences.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: