Sep 3, 2018

Hurricane warnings issued as Tropical Storm Gordon intensifies

Satellite image of Tropical Storm Gordon on Sept. 3, 2018. Photo: NOAA via CIRA/RAMMB

Tropical Storm Gordon is steadily intensifying over the warm waters of the Gulf of Mexico, prompting the National Hurricane Center to issue hurricane and storm surge warnings for parts of the northern Gulf Coast.

What we're watching: The storm is expected to make landfall late Tuesday or early Wednesday morning near the Louisiana border with Mississippi. Gordon has intensified faster than some computer models suggested, and it has another day of mild, Gulf of Mexico ocean waters to traverse.

In general, hurricane intensity forecasts are less reliable than storm track projections, and it's possible that it could cross land as a more, or less, intense than currently expected.

Yes, but: The storm's forward motion of 17 miles per hour, along with some wind shear — winds blowing with different speeds or direction with height — could act to keep a lid on the storm's rate of intensification.

The National Hurricane Center predicts that Gordon will bring storm surge flooding to an area that is extremely prone to such a hazard. This includes 3 to 5 feet of water above ground if the peak surge strikes at high tide from Shell Beach to Dauphin Island, Alabama.

Go deeper: National Hurricane Center's latest information on T.S. Gordon.

Go deeper

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.