Jun 18, 2018

Youth in revolt: Young Europeans propel populist tide

Supporters of Italy's 5 Star Movement take part in a rally to celebrate the country's new government. Photo: Antonio Masiello/Getty Images

"Struggling to find jobs, and often living at home, younger generations are propelling antiestablishment parties to new heights of power" — Wall Street Journal's Eric Sylvers (subscription).

The big picture: There's "a feeling across much of the Western world that the younger generation will struggle to surpass their parents in wealth and security."

  • "Western Europe’s largest antiestablishment government came to power earlier this month, driven largely by young Italian voters. Struggling with a persistent lack of job prospects over the past decade, they voted in droves for ... the 5 Star Movement and the League, an anti-immigration party."
  • "About half of Italians age 25 to 34 live with their parents."
  • Why it matters: "The same pattern appears across southern Europe, and the forces behind the divide show few signs of slowing."

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.