
- __[Hack](https://snacks.robinhood.com/newsletters/4G8N3WpBgRoMSpXHAML44t/articles/v7Ixe754ezFPvMk4gSHBw/):__ The US' largest fuel pipeline got hacked by "DarkSide," causing gas shortages and panic-buying. Aaaand: it had to pay a $5M ransom. 
-  __[AAPI](https://snacks.robinhood.com/newsletters/4xclkSJaYAU12PaicjZrLh/articles/4cJEgATKMsqbzHNdcLDEtg/):__ Asian American businesses have suffered “Twin Crises” and an outsized impact during the pandemic. 
- __[Swipe](https://podcasts.apple.com/us/podcast/hot-vax-summer-bumbles-friend-zone-bitcoins-hummer/id1386234384?i=1000521696564):__ Hot Vax Summer is coming, so we jumped into __[Bumble](https://robinhood.com/stocks/BMBL)__'s expectation-beating earnings (psst: it wants to friend-zone you). 

ICYMI

Highlights from last week...

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__Check the math...__ Something strange is happening in US employment. 9M+ Americans are still unemployed, and companies are scrambling to hire as the economy revs up — *but they can't find enough people*. In March, job openings hit a record 8.1M... but exceeded hires by 2M+. And in April, the unemployment rate *jumped*. Now, companies are [boosting](https://www.wsj.com/articles/big-companies-woo-scarce-hourly-workers-with-higher-pay-bonuses-11620930575) wages to lure workers (and your Chipotle delivery just got pricier).

- __[Amazon](https://robinhood.com/stocks/AMZN)__ is now paying new hires an average starting wage of $17/hour (up from $15). It's also offering $1K signing bonuses. 
- __[Chipotle](https://robinhood.com/stocks/CMG)__ is bumping average pay for restaurant workers to $15/hour, and says employees can earn $100K/year after three years. Meanwhile, __[McDonald's](https://robinhood.com/stocks/MCD)__ is raising wages for 36K+ workers. 
- __[Uber](https://robinhood.com/stocks/UBER) and [Lyft](https://robinhood.com/stocks/LYFT)__, which are dealing with driver shortages, are offering large bonuses to get people driving. 
- __[Walmart](https://robinhood.com/stocks/WMT)__, aka: America's largest private employer, raised its average hourly wage to $15+.

__*Now add it up*...__ Average hourly earnings for private-sector employees rose by 21 cents to $30.17 in April, as companies struggled to hire. A few potential reasons workers aren’t returning:

- __Unemployment $$$:__ President Biden extended the  $300 extra/week benefit through September. Now, the [average](https://www.wsj.com/articles/millions-are-unemployed-why-cant-companies-find-workers-11620302440?mod=hp_lead_pos1) monthly unemployment payout is ~$2.5K (tax-free up to $10.2K). 42% of people receiving benefits earn more than they did at their jobs. 
- __Childcare:__ Only 60% of the largest US school districts were fully open in April, leaving some without childcare. Women [carried out](https://snacks.robinhood.com/newsletters/4FiPxYkU4FGEKs36P1LNJJ/articles/4kp1BqJkQIJqk2dJ3iMTuU/) the bulk of duties.
- __Corona:__ Workers are worried about catching Covid while rolling burritos side-by-side.


_"When Uber surge pricing never ends" [Henrik Sorensen/DigitalVision via GettyImages]_

__The Hiring Dilemma could have two outcomes...__ #1: it could help workers and the economy through rising wages — real wage growth has been [sluggish](https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/) for decades. #2: it could become an Economic Dilemma. Wage growth could be canceled out by weaker purchasing power if prices continue to [spike](https://snacks.robinhood.com/newsletters/7HkkS4VanKbpTUDjbeQ51k/articles/5tVDiejV1yGV2RWElrSk28). Rising prices [especially](https://www.cnn.com/2021/05/13/economy/inflation-lower-income-households/index.html) hurt low-income households. The labor shortage could also slow econ growth. Workers will likely return as benefits expire and schools reopen — but businesses may find it hard to lower wages, which could result in downsizing. 

 The Hiring Dilemma: corporate America is raising wages to bring reluctant workers back 

__Retiled the bathroom (five times)...__ Fresh off the House Hype of 2020, __[Home Depot](https://robinhood.com/stocks/HD)__ and __[Lowe's](https://robinhood.com/stocks/LOW)__ report first quarter earnings this week. Home retailers *thrived* last year as home ownership rose, and we invested in our 24/7 biodomes — from $5 candles to pastel paint. Home Depot rode the DIY wave to its [best](https://snacks.robinhood.com/newsletters/2TDWxjOTY5rfmtK8uZVDWC/articles/6xBACHifKO398SwGZL49TI/) quarter in 20 years. Lowe's also saw jaw-dropping growth. Investors want to know if the House Hype continued... or cooled with reopenings.

__The Tractor Factor intensifies...__ Tractor legend __[John Deere](https://robinhood.com/stocks/DE)__ rolls up with earnings on Friday. In February, Deere reported a killer profit and boosted its outlook as farming and construction perked up. Since then, US manufacturing and home building has [boomed](https://www.barrons.com/articles/u-s-building-boom-is-sending-lumber-and-steel-prices-through-the-roof-51618482600), sending lumber and steel prices soaring (#flated). We'll see if Deere experienced greener pastures last quarter thanks to its construction machinery. 


Events

Coming up this week...

__Crypto carbon in the spotlight...__ Cryptocurrency prices plunged last week after a bombshell tweet from Elon: __[Tesla](https://robinhood.com/stocks/TSLA)__ will no longer accept Bitcoin payment, because it [burns](https://snacks.robinhood.com/newsletters/4xclkSJaYAU12PaicjZrLh/articles/4OCWE9kGhme60DCcKsfIUl/) too much fossil fuel. At one point, as much as $365B was wiped from crypto market value.  Now, Tesla is looking at altcoins that use <1% of Bitcoin’s energy. The big reckoning with crypto’s energy footprint could boost companies building greener crypto pipes… and potentially add volatility. 

__IPOh No...__ IPOs kicked off 2021 hot and heavy, raising a record $162B in the first quarter. But the momentum seems to be cooling: big IPOs like __[Bumble](https://robinhood.com/stocks/BMBL)__ and __[Coinbase](https://robinhood.com/stocks/COIN)__ have struggled in recent weeks, as many inflation-worried investors move away from high-growth stocks. Now, a few IPOs are getting [delayed](https://www.bloomberg.com/news/articles/2021-05-13/ipos-are-getting-delayed-as-market-volatility-spooks-debutants?srnd=premium&sref=q3KSFp38) as market volatility spooks companies.

Highlights from last week...

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