Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. 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!

Denver news in your inbox

Catch up on 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!

Des Moines news in your inbox

Catch up on 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!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

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!

AFL-CIO President Richard Trumka talks to reporters in the lobby of Trump Tower in New York, Friday, Jan. 13, 2017, after meeting with President-elect Donald Trump. (AP Photo/Evan Vucci)

AFL-CIO boss Richard Trumka didn't mention Donald Trump's name, but he didn't have to. What he said Monday in response to Trump's move to withdraw from the Trans-Pacific Partnership (TPP) trade agreement gives the new President plenty of juice to continue his outreach to organized labor.

The headline for Trumka's statement on the AFL-CIO website would hardly be different if it were written by Trump's nationalist speechwriter Stephen Miller:

TPP Withdrawal Good First Step Toward Building Trade Policies that Benefit Working People

Between the lines: The Trump-Trumka relationship will be one of the more interesting in American politics over the first term of the new administration. Trump and top advisers like Steve Bannon see an opportunity to destroy traditional political alliances. Their theory worked in the election: They peeled white working class voters (and many union households) away from the Democrats. Now, they believe that delivering major items for this constituency — watch also for a confrontation with Big Pharma — could further wreck the Democrats' hold on organized labor.

A note of caution: If Trump pursues more traditional Republican policies — like slashing taxes and regulations and repealing and replacing ObamaCare — he could quickly undo much of his goodwill with unions.

Go deeper

Dion Rabouin, author of Markets
21 mins ago - Economy & Business

The fragile recovery

Data: Department of Labor; Chart: Axios Visuals

The number of people receiving unemployment benefits is falling but remains remarkably high three weeks before pandemic assistance programs are set to expire. More than 1 million people a week are still filing for initial jobless claims, including nearly 300,000 applying for pandemic assistance.

By the numbers: As of Nov. 14, 20.2 million Americans were receiving unemployment benefits of some kind, including more than 13.4 million on the Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC) programs that were created as part of the CARES Act and end on Dec. 26.

Ben Geman, author of Generate
41 mins ago - Politics & Policy

The top candidates Biden is considering for key energy and climate roles

Photo: Alex Wong/Getty Images

Senate Minority Leader Chuck Schumer (D-N.Y.) has urged President-elect Joe Biden to nominate Mary Nichols, chair of California's air pollution regulator, to lead the Environmental Protection Agency, Bloomberg reports.

Why it matters: The reported push by Schumer could boost Nichol's chances of leading an agency that will play a pivotal role in Biden's vow to enact aggressive new climate policies — especially because the plan is likely to rest heavily on executive actions.

U.S. economy adds 245,000 jobs in November as recovery slows

Data: BLS; Chart: Axios Visuals

The U.S. economy added 245,000 jobs in November, while the unemployment rate fell to 6.7% from 6.9%, the government said on Friday.

Why it matters: The labor market continues to recover even as coronavirus cases surge— though it's still millions of jobs short of the pre-pandemic level. The problem is that the rate of recovery is slowing significantly.