Aug 30, 2017

Ivanka Trump backs ending of Obama's wage gap initiative

AP

The White House is discontinuing an Obama-era initiative intended to narrow the wage gap, with Ivanka Trump issuing the statement explaining the decision, per the Wall Street Journal. The plan's goal was to gather wage data from both private employees and federal contractors to measure how employees of different genders, ethnicities, and races were being paid.

Equal pay has been a focus of Ivanka's before and during her White House tenure, and she said in her Republican Convention speech that she'd fight for it "right alongside" her father.

Her statement: ""Ultimately, while I believe the intention was good and agree that pay transparency is important, the proposed policy would not yield the intended results."

The plan was deemed "enormously burdensome" by Neomi Rao, the administrator of the Office of Information and Regulatory Affairs, per the WSJ, and officials said they doubted anything meaningful would be found from the data-collection.

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.