A study found juvenile great white sharks to have almost no interest in biting humans, which would be incredible news if the word “almost” didn’t exist. Need a win today? Take this away instead: The study does suggest that the average shark encounter is harmless.
Also: We’re off Monday in observance of Juneteenth. Hope to see you right back here on June 20.
In today’s email:
Uh oh, uh oh, uh oh, oh, no, no: So say Swedish economists.
Here’s the scoop: Teens have a sweet summer job market.
Weekend Reads: Catch up on the week’s can’t-miss links.
Around the Web: A wild heist, a space milestone, meeting pixie frogs, and more.
👇 Listen: We don’t exclusively talk about the economics of Beyoncé, but it’s pretty close to that.
The Big Idea
Who runs the world? We’re increasingly convinced it’s Beyoncé
Queen Bey’s sphere of influence now includes Swedish economic figures.
2023-06-16T00:00:00Z
Ben Berkley
Beyoncé fans argue that their favorite artist is the center of the universe and, well, it’s getting harder to disagree every day.
Case in point: Government agency Sweden Statistics released numbers this week showing Swedish inflation exceeding expectations.
You may think Beyoncé isn’t at the heart of this Swedish economic data; you would be very wrong.
Wait, Beyoncé really sent a whole-ass nation’s inflation numbers off target?
That’s what Danske Bank economists told the Financial Times, yes. Let’s explain:
Last month, the singer kicked off her hotly anticipated world tour in Stockholm, playing two sold-out shows in front of 46k attendees each night.
With ticket prices far more reasonable in Sweden compared to later tour dates — tickets that were running $2k+ in New York and Los Angeles were going for under $200 in Stockholm, perVulture — hordes of international fans swooped in.
Economists say the accompanying surge in hotel prices led to an estimated 0.2% rise in Sweden’s inflation rate.
The Riksbank, one of the final western central banks to fight inflation by raising interest rates, forecast a figure of 8.1% for May. Beyoncé’s, uh, halo effect helped the overall number land at 8.2%.
So, this means Beyoncé runs Sweden now?
Basically, yes — but technically, no. If only because there’s another Boss already.
Bruce Springsteen’s three-night run in Gothenburg later this month is worrying Swedish economic forecasters — Swedbank told FT the shows may similarly catapult the nation’s inflation numbers.
TRENDING
“Black Mirror” is back, with season 6 now available on Netflix. Is it any good, you wonder? Does it even matter, we wonder back? Love it or love to hate it, it’s bound to be fun.
SNIPPETS
TodAI in AI: Google delayed its EU debut of Bard, pending an examination of the tool’s data privacy practices by regulators.
Meanwhile, Toronto mayoral candidate Anthony Furey’s campaign photos have some veracity issues, including AI-generated encampments and a three-armed woman.
Cava Group, the biz behind the fast-casual Mediterranean chain, sold 14.4m shares for a ~$2.45B valuation upon its IPO Thursday.
The USDAapproved the label “cell-cultivated chicken” for lab-grown chicken from Upside Foods and Eat Just. Both have FDA approval, but await USDA inspections for US sales.
Not bad: Swedish gaming company MOBA Networks will acquire Wargraphs, a one-man gaming startup behind“League of Legends” companion app Porofessor, for $54m.
Texaspassed a law requiring parental consent for social media users under 18 years old. Parents can also request underage users’ personal data, or delete their account.
Striking a chord: Major US ticket sellers agreed to start displaying full prices upfront. See our previous coverage on the economics of Ticketmaster, including an interview with the company’s ex-CEO.
Summer gains: The teen job market is beefing back up
Looking to scoop ice cream this summer? It’ll pay off for you.
2023-06-16T00:00:00Z
Jacob Cohen
We recently explored astronomically priced, and themed, summer camps. Here’s a tip, teen readers: Get in on the action.
In April, the Department of Labor reported 5.7m unemployed job seekers and 10.1m job openings. The shortage is helping pump wages, especially for teens, whose median weekly summer pay rose 7% between 2019 and 2022, more than any other age group.
Shift happens
In May, 36.8% of US teens were working or seeking work, up from a pre-pandemic low of 32.5% in 2014, but far from the consistent 50%+ seen up until 2001.
Economists attribute the dip to priority shifts — e.g., schooling, unpaid internships, and extracurriculars, according to WSJ.
One place these trends are noticeable: Pools and beaches, where lifeguard shortages are leading to limited openings.
Seattle’s lifeguard staffing levels are so dire, the city has raised the starting wage to $21+/hour.
BTW: Nebraska had America’s highest teen employment rate in summer 2022, at 65.9%. Hawaii had the lowest, at 23.7%, and we’re honestly not sure who deserves bragging rights.
Free Resource
The customer satisfaction metrics that matter
Any brand worth its bread strives to deliver five-star service — it’s a key differentiating factor that leads people to pick you over your competitors.
To sharpen your process, watch Jamal from HubSpot unpack the customer service metrics that count, plus relevant questions to keep your brand a cut above the rest.
Tweet: Me looking like the coach of the 1980 US Olympic men’s hockey team when I need ChatGPT to spit out 30 more caption options for my Instagram post.
Story: Long lines and high demand for Taylor Swift gear have opened a market for creative fans. Here are the entrepreneurs paying rent with Taylor-made Swift merch.
Video: Everyone loves it when a golfer hits a hole-in-one — except for the insurance company footing the bill. Folks, welcome to the strange, little-known world of hole-in-one insurance. Let’s tee this baby up.
Blog: Feeling like you didn’t get enough done this week? Join the club. We sat down with a neuroscientist to bring you all the hacks on finding your flow stay, limiting distractions, and staying focused.
AROUND THE WEB
🚀On this day: In 1963, Soviet cosmonaut Valentina Tereshkova became the first woman in space, aboard Vostok 6.
🫠 How to: Handle bad feedback — as in, negative feedback poorly given — from a manager.
🐄 Blog: This startup is trying to save the planet — one cow burp at a time.
💎 That’s interesting: A bizarre jewelry heist involving the former prime minister of Qatar and a Florida psychic.
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