Chris Yucus/NewsTribune via AP

Usual weekly earnings for workers at the lowest 10% of the pay scale rose by 3.2% in the second quarter from a year earlier, faster than at any point since the start of the recovery and faster than pay gains in the middle and top of the income spectrum, per the Wall Street Journal.

Why it's happening now: The unemployment rate continued to decline over the past year, from 4.9% to 4.4%, but it fell even faster for low-income workers, from 7.5% to 6.4%. Another factor is likely higher minimum wages across the country, as wage floors have increased in 19 states since the beginning of the year.

A welcome change: The bottom 10% of earners have only risen 12.5% since 2009, which hasn't been enough to keep up with inflation. Wages for the top 10% of earners, on the other hand, have gone up nearly 20% during that period.

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8 hours ago - World

China-Iran deal envisions massive investments from Beijing

Illustration: Aïda Amer/Axios

China and Iran have negotiated a deal that would see massive investments flow into Iran, oil flow out, and collaboration increase on defense and intelligence.

Why it matters: If the proposals become reality, Chinese cash, telecom infrastructure, railways and ports could offer new life to Iran’s sanctions-choked economy — or, critics fear, leave it inescapably beholden to Beijing.

Updated 9 hours ago - Politics & Policy

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Illustration: Aïda Amer/Axios

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House Judiciary Committee releases transcript of Geoffrey Berman testimony

Geoffrey Berman. Photo: Alex Wong/Getty Images

The House Judiciary Committee on Monday released the transcript of its closed-door interview with Geoffrey Berman, the former top federal prosecutor in Manhattan who was forced out by Attorney General Bill Barr last month.

Why it matters: House Democrats have seized on Berman's testimony, in which he claimed the attorney general sought to "entice" him into resigning so that he could be replaced by SEC chairman Jay Clayton, to bolster allegations that the Justice Department has been politicized under Barr.