Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Expand chart
Data: Deutsche Bank Research; Chart: Axios

The March jobs report showed that nationwide, wage growth is settling in right above 3%, but it has been growing much faster for retail workers. Unlike most segments of the economy, retail workers' wages are now growing faster than they were during the boom years of the early 2000s.

The big picture: The outperformance is being driven by a combination of state-by-state legislation and a shrinking talent pool.

Target, which employs more than 300,000 workers and operates 1,845 stores in the U.S., announced last week that it was raising its minimum wage to $13 an hour. It raised it to $12 an hour, from $11, just last year. Pressure is now going on Walmart, the world's largest retailer, to likewise increase its $11 hourly minimum wage.

Companies like Amazon and Costco are paying workers a $15 an hour minimum.

The impact: Retail wages stand apart from the crowd, but data shows that broadly low-wage workers are beginning to see higher wage gains, on a percentage basis, than high-wage workers.

  • In March, Goldman Sachs analysts pointed out in a note to clients that "wage growth has picked up sharply in the bottom half of the wage distribution, with considerably slower growth in the upper half."
  • "This pattern is consistent with our prior finding that lower income wage growth is more sensitive to slack, while higher income wage growth is more sensitive to corporate profitability."

Conor Sen, a portfolio manager for New River Investments, writes for Bloomberg that the trend looks likely to continue.

  • "As long as the economic expansion continues, because of these dynamics, we should expect service labor wage growth to continue outpacing knowledge worker wage growth."
  • "You can't outsource a line cook or an Uber driver to another city, but companies can shift their knowledge jobs to lower-cost metros."

Go deeper

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Ipsos poll: COVID trick-or-treat — Study: Trump campaign rallies likely led to over 700 COVID-related deaths.
  2. World: Boris Johnson announces month-long COVID-19 lockdown in England — Greece tightens coronavirus restrictions as Europe cases spike — Austria reimposes coronavirus lockdowns amid surge of infections.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Technology: Fully at-home rapid COVID test to move forward.
  5. States: New York rolls out new testing requirements for visitors.
5 hours ago - Health

Boris Johnson announces month-long COVID-19 lockdown in England

Prime Minsiter Boris Johnson. Photo: NurPhoto / Getty Images

A new national lockdown will be imposed in England, Prime Minister Boris Johnson announced Saturday, as the number of COVID-19 cases in the country topped 1 million.

Details: Starting Thursday, people in England must stay at home, and bars and restaurants will close, except for takeout and deliveries. All non-essential retail will also be shuttered. Different households will be banned from mixing indoors. International travel, unless for business purposes, will be banned. The new measures will last through at least December 2.

Updated 6 hours ago - Politics & Policy

The massive early vote

Illustration: Sarah Grillo/Axios

Early voting in the 2020 election across the U.S. on Saturday had already reached 65.5% of 2016's total turnout, according to state data compiled by the U.S. Elections Project.

Why it matters: The coronavirus pandemic and its resultant social-distancing measures prompted a massive uptick in both mail-in ballots and early voting nationwide, setting up an unprecedented and potentially tumultuous count in the hours and days after the polls close on Nov. 3.