Jul 14, 2018

Corporate profits swell — but workers see no relief

Welders at work next to Boston's TD Garden. Photo: David L. Ryan/The Boston Globe via Getty Images

"Corporate profits have rarely swept up a bigger share of the nation’s wealth, and workers have rarely shared a smaller one," the N.Y. Times' Patricia Cohen writes.

Between the lines: "The lopsided split is especially pronounced given how low the official unemployment rate has sunk."

  • "Hourly earnings have moved forward at a crawl, with higher prices giving workers less buying power than they had last summer."
  • "Last-minute scheduling, no-poaching and noncompete clauses, and the use of independent contractors are popular tactics that put workers at a disadvantage."
  • "Threats to move operations overseas, where labor is cheaper, continue to loom."

Be smart: "For the first time in a long while, workers have some leverage to push for more."

  • "Throughout the recession and much of its aftermath, ... many Americans were grateful to receive a paycheck instead of a pink slip ... Now, complaints of labor shortages are as common as tweets."

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Major League Soccer embarks on its 25th season

Illustration: Aïda Amer/Axios

As Major League Soccer begins its 25th season, the league is financially stable and surging in popularity, and its 26 teams have gorgeous facilities and rapidly increasing valuations.

  • It also continues to expand, with David Beckham's Inter Miami and Nashville SC set to debut this season as the 25th and 26th teams. Plans are in place to reach 30 franchises by 2022 — triple the number from 2004.
Go deeperArrow16 mins ago - Sports

Wall Street opens with 2% drop as coronavirus correction worsens

Illustration: Aïda Amer/Axios

The stock market opened 2% lower on Friday morning, pushing stocks further into correction territory.

Why it matters: It continues the ugly stretch for Wall Street that began after a spike in coronavirus cases around the world. The S&P is 12% below its recent peak, edging closer to the mark that would technically end the market’s decade-long rally.

Go deeper: The growing coronavirus recession threat

Coronavirus updates: First case in sub-Saharan Africa confirmed

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

Nigeria confirmed its first novel coronavirus case in an Italian who flew to Lagos from Milan — the first known case in sub-Saharan Africa. The World Health Organization has been working to prepare Africa's health care systems to be ready for the outbreak, which is now also confirmed in Algeria and Egypt.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,700 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 4 hours ago - Health