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Commuters walk from the G train line to the E and M lines at the Court Square subway station in Queens. Photo: Victor J. Blue / Bloomberg via Getty Images

Cities with some of the lowest unemployment rates are also now experiencing some of the greatest wage growth in the country, the WSJ reports. Employers are raising wages to attract employees from competitors, like in Minneapolis, Denver, and Fort Myers, where unemployment rate are at or near 3%.

Why it matters: It's a phenomenon that makes sense and is expected in theory, "but one that's been largely absent until now in the upturn that began more than eight years ago," WSJ's Shayndi Raice and Eric Morath write.

Go deeper

Updated 22 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 38 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.

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