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Expand chart
Data: FactSet and corporate filings; Chart: Danielle Alberti/Axios

Delta's second-quarter profit of $652 million comes with an asterisk.

The intrigue: Strip out $1.5 billion from government assistance and other one-time boosts, and the airline actually lost $678 million.

What to watch: Domestic leisure travel is "fully recovered to 2019 levels," CEO Ed Bastian said Wednesday.

  • The airline says it's not having trouble finding workers — it's planning to hire between 4,000 and 5,000 people. It didn't disclose wage strategies.
  • "We're still losing money. We need to get the company stabilized first before we start talking about wage increases," said co-CFO Gary Lee Chase.

Go deeper

Felix Salmon, author of Capital
Oct 14, 2021 - Economy & Business

How the minimum wage lost relevance

Data: BLS via RSM US; Chart: Axios Visuals 

The federal minimum wage is now just 28% of average hourly earnings. That's just half its level in 1968, when the ratio was 54%.

Why it matters: The federal minimum is so low — well below the living wage in all states — that it has at this point lost most of its power as an anchoring mechanism.

D.C. organizers start petition for tipped minimum wage

Photo: Chelsea Cirruzzo/Axios

Campaigners to raise tipped minimum wage began collecting signatures yesterday for a similar ballot initiative that voters approved in 2018 — only to be overruled by council members.

Details: Initiative 82 aims to gradually raise the minimum wage of tipped workers to full parity with minimum wage in D.C.

Biden says presidency "will be determined" by outcome of spending plans

President Biden walks with House Speaker Nancy Pelosi after addressing the House Democratic caucus on Thursday. Photo: Jim Watson/AFP via Getty Images

President Biden told the House Democratic caucus Thursday "my presidency will be determined" by the votes he wants in the next week on his $1.75 trillion social safety net expansion and $1.2 trillion infrastructure package.

Driving the news: Biden made the comment, according to a source in the room, as he tried to rally support for the $1.75 trillion package. House Speaker Nancy Pelosi acted immediately, calling for a vote on the $1.2 trillion bipartisan infrastructure bill later in the day.