Andrew Selsky/AP

Minimum wage workers would have to earn three times the federal wage to rent a modest two-bedroom home anywhere in the country, according to a new report from the National Low Income Housing Coalition.

Workers would need $21.21 per hour to rent a two-bedroom home, and $17.14 for a one-bedroom. On average, renters earn $16.38 across the country, while the mandated federal minimum wage sits at $7.25.

The gap between income and rent is widening. Average income went down by 4%, while rent increased by 6% between 2007 and 2015, Washington Post reports.

Why this matters: Around 11.2 million families spend the majority of their paychecks on rent, and currently only one of every four is eligible for public subsidies. Under President Trump's budget plan, federal funding to the Department of Housing and Urban Development will be slashed by $6.2 billion — significantly reducing housing assitance programs and those programs aimed at helping lower-wage employees.

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2 hours ago - World

Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

2 hours ago - Sports

The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.

July's jobs report could be an inflection point for the coronavirus recovery

Illustration: Sarah Grillo/Axios

Even if Friday's jobs report shows a big number, it is becoming clear hiring slowed and likely even reversed course in July and real-time indicators suggest the employment situation worsened into August.

Driving the news: Payroll processor ADP's monthly jobs report showed private companies added 167,000 jobs last month, well below the 1.2 million expected by economists and far below June's 4.8 million jobs added.