May 14, 2017

N. Korea launches missile toward S. Korea

Lee Jin-man, Wong Maye-E / AP

North Korea deployed a ballistic missile test that traveled 430 miles toward South Korea, landing in the Sea of Japan after about 30 minutes of airtime, BBC reports.

Why it matters: South Korea just elected a new president last week, Moon Jae-in, whose stance on North Korea was a little controversial — he's said he wants more open dialogue with them, which is a significant shift from the strict relationship they've had over the past 10 years.

What they're saying: Jae-in reportedly held an emergency meeting with his security council to discuss the ballistic missile launch.

One quick note: In a statement, the U.S. Pacific Command said that the missile didn't appear to be an intercontinental ballistic missile (IBCM), which would have the capacity to reach the U.S.

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.