Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of 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!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

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!

Illustration: Sarah Grillo/Axios

January's nonfarm payrolls report made clear that the U.S. is not experiencing, nor is moving toward, maximum employment. The paltry 49,000 jobs added is only the tip of the iceberg of bad news the report contained.

By the numbers: The Labor Department also reported that the U.S. shed an additional 87,000 jobs in December, for a total of 227,000 jobs lost.

  • Further, in November the U.S. added 72,000 fewer jobs than originally reported.
  • That brought the three-month average of job gains to just under 29,000, which is about 100,000 less than needed simply to keep up with population growth — to say nothing of the 9.9 million people who had jobs in February 2020 but do not now.

What they're saying: "I'm afraid that the job market is stalling," Treasury secretary and former Fed chair Janet Yellen told CBS on Sunday morning.

  • "We have 10 million people unemployed, 4 million have dropped out of the labor market and another 2 million are working part time who really would like full-time work."
  • "We're in a deep hole with respect to the job market and a long way to dig out."

The big picture: While the low-tax environment and the Fed's supereasy monetary policies are helping make businesses flush with cash, it's not being used to hire workers.

  • Additional profits are being plowed into technology advances like AI and e-commerce, stock buybacks and adding cash reserves to pad balance sheets.

To be sure: As Fed chair Jerome Powell has said repeatedly, the economy's recovery is largely dependent on beating the coronavirus pandemic.

  • However, the Fed's $3 trillion reaction to the pandemic has clearly been very beneficial to asset prices since March, but the real economy and real people have seen much less benefit.

The intrigue: While Powell has said the Fed must continue its easy money policies to help low-income workers and people of color who have borne the brunt of the crisis, researchers from the New York Fed found the Fed's policies have done little to reduce the inequality they face.

  • "On the contrary, it may well accentuate inequalities for extended periods," the New York Fed's Monetary Policy and Racial Inequality report concluded.
  • "Over multi-year time horizons, the employment effects are substantially smaller than the countervailing portfolio effects."

On the other side: Prices have hardly been stable. In addition to the extreme increase in health care and higher education costs and the price of food climbing at its fast rate since 2014, asset prices are inexplicably high.

  • The price of the stock and housing markets are increasingly untetethered from fundamentals and commodity prices now are moving in a similar direction.
Food prices rise to highest since 2014
Data: UN FAO food price index; Chart: Axios Visuals

The U.N.'s Food and Agriculture Organization’s food price index rose to 113.3 in January, up 4.3% from December's level.

  • The increase not only marked the eighth consecutive month the index has risen but the highest it has been since July 2014.

Go deeper

Top union leader: Biden's Keystone plan wrong, will cost U.S. jobs

AFL-CIO president Richard Trumka told Jonathan Swan in an interview for "Axios on HBO" that he wished President Biden hadn't canceled the Keystone XL pipeline his first day in office — because it will cost some good-paying union jobs.

Why this matters: Organized labor is crucial to the Biden coalition. But there are significant tensions among environmentalists, the president's team addressing climate change and some parts of the labor movement.

Oath Keepers leader denied bail on Capitol riot sedition charge

Oath Keepers co-founder Elmer Stewart Rhodes. Photo: Susan Walsh/AP

A federal judge ordered Oath Keepers leader Stewart Rhodes to remain jailed Wednesday until trial on charges stemming from the Capitol riot.

Why it matters: The judge said the most prominent far-right figure charged in the Jan. 6, 2021, insurrection had access to weapons and his alleged "continued advocacy for violence against the federal government" gave credence to prosecutors' view that, if released, Rhodes could endanger others.

Who in Congress is talking about Ukraine the most

Data: Quorum; Chart: Will Chase/Axios

Mentions of Ukraine or Ukrainian President Volodymyr Zelensky in congressional statements and social media posts have been on the rise — with nearly 1,000 already this month, according to data from Quorum.

Why it matters: The growing threat of a Russian invasion has been mirrored by a growth in Ukraine-related chatter.