The latest figures from the Bureau of Labor Statistics shows that there are now 6.7 million job openings in the U.S. and 6.35 million people counted as unemployed —making 2018 the first year on record that the U.S. has had more available jobs to fill than people looking for jobs.
The big picture: Axios Future Editor Steve LeVine points out that the labor force participation rate has fallen steadily over the past decade, and now sits at 62.7%. So while it looks like there are more unfilled jobs than available workers, in fact millions of working-age Americans are not currently employed. That is one speculative reason why wages have remained flat despite the skills and worker shortage.
Republican Sen. Bob Corker plans to introduce legislation as early as today that would give Congress the authority to roll back President Trump's tariffs, Politico reports.
Why it matters: Corker, who is retiring after this term, is one of several Republican senators pushing back on Trump's decision to impose steel and aluminum tariffs on America's closest allies. Per Politico, "Senate Majority Leader Mitch McConnell and Speaker Paul Ryan have both criticized the metals tariffs ... but it's unclear whether they would entertain a vote on the matter by the GOP-controlled Congress — especially one that would likely draw a presidential veto."
The Wall Street Journal announced Tuesday that it is replacing longtime Editor-In-Chief Gerry Baker with Matt Murray, the journal's Deputy Editor-In-Chief. Baker will remain with the company as Editor-At-Large, in a role focused around a new TV partnership with Fox and live events.
Why it matters: A few controversies during Baker’s tenure led to speculation his time as editor-in-chief would be limited. Those included rumors last month that he had directed the removal of a liberal-leaning infographic, and reports last year that some newsroom staff were frustrated with the paper’s coverage of the Trump administration. However, a new show, a lofty title and a highly-visible live events role show that News Corp stands behind Baker.
Chinese negotiators have presented the U.S. with a deal through which China buys $70 billion worth of American farm and energy products if the Trump administration drops the threat of tariffs, the Wall Street Journal reports, citing sources familiar with the latest talks.
Why it matters: It's a tempting offer, as farmers are a crucial component of Trump's voter base. China proposed tariffs on U.S. soybeans and sorghum as a political move to hit the heart of Trump country. Still, U.S. officials are highly skeptical of the offer, reports the Journal.
Asian-Americans, particularly younger generations, are leading the adoption of the latest devices and digital consumption, and are far outpacing the national average for time spent on the web and in apps on smartphones.
Adapted from a Nielsen report; Chart: Harry Stevens/Axios
Why it matters: "By studying the unique consumer preferences of Asian-American consumers, marketers and advertisers can gain insight into reaching other consumers, while also continuing to make progress with one of the most powerful consumer groups in the U.S.," per Nielsen.
CRTV will announce today a new pilot series starring conservative pundit Erick Erickson — called "The Resurgent Family" — that will focus on faith and family values.
Why it matters: This is all part of the escalating race to become the premier conservative TV/video network outside of Fox News.
Tech companies are launching ad businesses to eat at the multi-billion dollar advertising pie dominated by Google and Facebook for the past few years.
The big picture: Other tech giants, like Apple and Amazon, are doing all they can to eat away at the duopoly — at the expense of traditional advertising giants in the media business.
McClatchy is rolling out a multi-pronged midterm election game plan, centered around a partnership program with political influencers and extending into a documentary of Texas Senate candidate Beto O’Rourke and an editorial partnership with digital millennial news site, Ozy.
Why it matters: Executives from both McClatchy and Ozy believe there are business and editorial opportunities presented by a lack of attention to state and local elections by many national news outlets and a wariness by consumers to trust national outlets with election reporting after the 2016 race.
Private equity firm Vista Equity today announced that it has purchased a majority stake in digital ad measurement firm Integral Ad Science. No financial terms were disclosed, but multiple sources tell Axios that the deal valued IAS at around $850 million. Oracle paid a reported $850 million last year for IAS rival Moat.
In context: IAS had been widely expected to IPO, but the public markets might have been tentative about an ad tech company amidst ongoing regulatory changes like GDPR and broader privacy concerns.
British Prime Minister Theresa May told President Trump over the phone earlier today that the tariffs on EU steel and aluminum are "unjustified" and "deeply disappointing," according to a statement by a Downing Street spokesperson.
Big picture: Following Trump's announcement of new tariffs on Mexico, Canada and the EU last week, the EU retaliated with their own targets on Harley Davidson motorcycles and Kentucky bourbon — adding yet another Trump trade war.
The conservative donor network helmed by billionaire brothers Charles and David Koch will launch a multi-year, multimillion-dollar to promote free trade and directly hit back at the Trump administration's broad tariffs on China, Canada, Mexico and European countries, according to Koch network official James Davis.
Why it matters: The Koch network, which many Republicans perceived had lost influence during the rise of Trump, remains the best-funded donor group on the right even as it opposes some of the core tenets of Trumpism. As Trump pushes his party towards protectionism and Republicans largely stay silent — with a few exceptions like senators Ben Sasse and Jeff Flake — the Koch network is filling a void by pouring millions into a campaign to promote free trade.
During his White House tenure, former National Economic Council director Gary Cohn chose to withhold jobs reports from President Trump until just before their release due to fears that Trump would signal their contents beforehand, per Politico's Ben White.
Why it matters: Cohn's concerns were validated last week when Trump tweeted prematurely about a positive jobs report, though White notes that Cohn's successor Larry Kudlow followed the usual protocol in notifying Trump. Trump's tweet disrupted markets and potentially violated a 1985 law preventing federal officials from speaking about a federal report until its release.
Chara Solutions, a Kentucky-based provider of environmental and maintenance services to coal and nuclear power plants, on Monday set terms for an IPO that is expected to price later this month. At the $17 per share midpoint, it would have an initial market cap of $511 million.
Big picture: This comes just after President Trump asked the Department of Energy to prep a landmark economic aid package for troubled coal-fired and nuclear power plants (i.e., many of Charah's target customers).
In our lifetime, no president has matched Donald Trump’s ability to summon the power of the pulpit, friendly media, and the tweet-by-tweet power of repetition and persuasion to move minds en masse.
The big picture: You see this in the silence of Republican critics; the instant shifts in GOP views of the FBI, Putin and deficits; and the quick, widespread adoption of his branding efforts around “deep state,” “Spygate” and “no collusion.” We hear so much, so often that we become numb to what Trump is doing. This allows big things (such as fundamental shifts in governing norms) to seem like small things or nothing at all.
