Mar 10, 2017

Diners are paying for rising wages at restaurants

Chris Yucus/NewsTribune via AP

As labor costs are rising, regional chain restaurants in states like Arizona, California, Colorado, and New York are adding a surcharge between three and four percent on diners' bills. This is intended to offset increasing wages instead of charging extra on menus upfront and scaring off consumers, according to the WSJ.

Why it's happening: The federal government hasn't raised the minimum wage since 2009 from $7.25, which is putting pressure on states to do it themselves, and 27 states have had an effective minimum wage increase since January 2014.

Why it matters: Tomorrow the jobs report will give a better sense of how widespread rising wages are. The Fed is meeting next week to announce whether it will raise interest rates, which will almost certainly affect wages as well.

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Investment pros are selling while mom and pop buy the coronavirus dip

Illustration: Aïda Amer/Axios

As traders around the globe have frantically unloaded positions in recent weeks, so-called mom and pop retail investors have kept level heads and not sold out of stocks.

What they're saying: In fact, "the typical trader is buying equities on the dips," passive investment firm Vanguard notes in a research paper, adding that "older, wealthier traders are moving modestly to fixed income."

Zuckerberg: "Local journalism is incredibly important" to fighting coronavirus

Photo: Sven Hoppe/picture alliance via Getty Images

Mark Zuckerberg, signaling his personal involvement in a new Facebook commitment of $100 million to bolstering local journalism, told me that "very local work" is vital to his big mission of bringing the world closer together.

What he's saying: "Everyone believes that local journalism is incredibly important," Zuckerberg told Axios in a phone interview. "But everyone is connected to their local [outlets]. Figuring out how to make an impact, and support local journalism broadly and at scale, has been a challenge."

Facebook spending $100 million to help news outlets in coronavirus crisis

Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Facebook says it is spending $100 million to support news outlets around the world that have been impacted by the coronavirus, the company said Monday.

Why it matters: Whatever Facebook's motivation, this is a much-needed cash infusion at a critical time for the local news industry.