May 3, 2018

Ryan to keep House Chaplain after he rescinded his resignation

Reverend Patrick J. Conroy. Photo: Bill Clark / CQ Roll Call via Getty Images

House Chaplain Rev. Patrick J. Conroy, who was abruptly dismissed by Speaker Paul Ryan last month, will stay on as House Chaplain according to a statement from Ryan.

In a letter to House leaders Thursday, Conroy — who has held the position since 2011 — rescinded his resignation following the outrage over his ouster, reports the Washington Post. He said: “I have never been disciplined, nor reprimanded, nor have I ever heard a complaint about my ministry during my time as House chaplain."

The details: Ryan said his decision to remove Conroy "was made in what I believed to be the best interest" of the House, and he will be sitting down with Conroy next week.

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HBCUs are missing from the discussion on venture capital's diversity

Illustration: Eniola Odetunde/Axios

Venture capital is beginning a belated conversation about its dearth of black investors and support of black founders, but hasn't yet turned its attention to the trivial participation of historically black colleges and universities (HBCUs) as limited partners in funds.

Why it matters: This increases educational and economic inequality, as the vast majority of VC profits go to limited partners.

Unemployment rate falls to 13.3% in May

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. unemployment rate fell to 13.3% in May, with 2.5 million jobs gained, the government said on Friday.

Why it matters: The far better-than-expected numbers show a surprising improvement in the job market, which has been devastated by the coronavirus pandemic.

The difficulty of calculating the real unemployment rate

Data: U.S. Department of Labor; Note: Initial traditional state claims from the weeks of May 23 and 30, continuing traditional claims from May 23. Initial PUA claims from May 16, 23, and 30, continuing PUA and other programs from May 16; Chart: Andrew Witherspoon/Axios

The shocking May jobs report — with a decline in the unemployment rate to 13.3% and more than 2 million jobs added — destroyed expectations of a much worse economic picture.

Why it matters: Traditional economic reports have failed to keep up with the devastation of the coronavirus pandemic and have made it nearly impossible for researchers to determine the state of the U.S. labor market or the economy.