Call center workers are targeted for automation. Photo: Fairfax Media/Getty

Very few Americans have enjoyed steadily rising pay beyond inflation over the last couple of decades, a shift from prior years in which the working and middle classes enjoyed broad-based wage gains as the economy expanded.

Why it matters: Now, executives of big U.S. companies suggest that the days of most people getting a pay raise are over, and that they also plan to reduce their work forces further.

Quick take: This was rare, candid and bracing talk from executives atop corporate America, made at a conference Thursday at the Dallas Fed. The message is that Americans should stop waiting for across-the-board pay hikes coinciding with higher corporate profit; to cash in, workers will need to shift to higher-skilled jobs that command more income.

Troy Taylor, CEO of the Coke franchise for Florida, said he is currently adding employees with the idea of later reducing the staff over time "as we invest in automation." Those being hired: technically-skilled people. "It's highly technical just being a driver," he said.

  • The moderator asked the panel whether there would be broad-based wage gains again. "It's just not going to happen," Taylor said. The gains would go mostly to technically-skilled employees, he said. As for a general raise? "Absolutely not in my business," he said.
  • John Stephens, chief financial officer at AT&T, said 20% of the company's employees are call-center workers. He said he doesn't need that many. In addition, he added, "I don't need that many guys to install coaxial cables."

Because of the changes coming, AT&T is pushing employees to take nano-degree programs to prepare them for other jobs — either at AT&T or elsewhere.

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Axios-Ipsos poll: Federal response has only gotten worse

Data: Axios/Ipsos poll; Note ±3.3% margin of error for the total sample size; Chart: Andrew Witherspoon/Axios

Americans believe the federal government's handling of the pandemic has gotten significantly worse over time, according to the latest installment of the Axios/Ipsos Coronavirus Index.

Why it matters: Every other institution measured in Week 29 of our national poll — from state and local governments to people's own employers and area businesses — won positive marks for improving their responses since those panicked early days in March and April.

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Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.

Hurricane Zeta makes landfall in Mexico ahead of expected arrival in U.S.

Hurricane Zeta's forecast path. Photo: National Hurricane Center

Hurricane Zeta made landfall on Mexico's Yucatan Peninsula as a Category 1 storm late Monday packing maximum sustained winds of 80 mph, per the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) declared a state of emergency as Zeta strengthened into a hurricane earlier Monday.