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Drone shows cars lining up at Share Your Christmas food distribution event in Kissimmee, Fla. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

2020 has been an awesome year for Corporate America, but not so much for Working America.

The big picture: 45 of America’s 50 biggest publicly traded companies have turned profits since March, while nearly 8 million Americans have fallen into poverty since June, the WashPost reports in a pair of striking stories.

  • "At least 27 of the 50 largest firms held layoffs this year, collectively cutting more than 100,000 workers," according to a WashPost analysis.
  • “[T]he increase in poverty this year ... is the biggest jump in a single year since the government began tracking poverty 60 years ago. It is nearly double the next-largest rise, which occurred in 1979-1980 during the oil crisis,” reports WashPost's Heather Long.

That gap extends to CEOs versus regular consumers, Axios' Dion Rabouin reported earlier this week.

  • CEO confidence in Q3 was 48% higher than at the beginning of 2019.
  • Consumer confidence was 16% lower than in January 2019.

Between the lines: The expiration of enhanced unemployment benefits played a big part in the poverty spike, economists told The Post.

The bottom line: “These are times when the strong can get stronger,” Nike CEO John Donahoe said in September.

Go deeper

José Andrés: Restaurant industry survival is key for economic recovery

Photo: Axios screenshot

José Andrés, the founder of World Central Kitchen and celebrated chef, said during an Axios event that survival of restaurants is a crucial part of the U.S. economic recovery as the coronavirus pandemic continues to ravage the industry.

Why it matters: The hospitality industry has faced an existential crisis since the beginning of the pandemic. "With new rounds of state-mandated restaurant and bar restrictions, and winter weather limiting outdoor dining, food services accounted for 372,000 job losses in December," the Washington Post writes.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

An inside look at Intuit's Mailchimp acquisition

Illustration: Aïda Amer/Axios

When Mailchimp recently agreed to be acquired by Intuit for $12 billion, we noted how it was the richest sale ever of a private bootstrapped company. Now we know more about why the Atlanta-based email marketing company never took outside funding.

The big picture: Mailchimp founder and CEO Ben Chestnut tells Axios that it was all about timing.

"Noticias Telemundo" names Julio Vaqueiro as new anchor

Julio Vaqueiro. Photo: Noticias Telemundo

Emmy award-winning journalist Julio Vaqueiro will become the new anchor of "Noticias Telemundo," the network's daily Spanish-language evening newscast, Noticias Telemundo announced Thursday.

The big picture: Vaqueiro replaces José Díaz-Balart, who is returning to MSNBC later this month to host a new show as NBC seeks to add more diverse voices to its English-language news programs.

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