Nov 22, 2017

Some U.S. wage growth — finally

In New York, where the minimum wage is rising (Photo: Spencer Platt / Getty)

A defining story of the era has been the malaise for workers. The U.S. economy and stock market have been healthy, and unemployment is at a stunning 4.1%, yet wages have been stagnant since the 1970s. Last year, workers in a few usually Democratic-voting manufacturing states struck back by tilting the election to Donald Trump.

What's new: Now, there's evidence that wages are up — and for blue-collar workers, not white-collar workers.

The details: In its latest issue, The Economist suggested that the decades-long misery may be over — median household income, it reported, is actually up the last three years. But at Indeed.com, the jobs listing site, chief economist Jed Kolko reports "no real wage gains for workers" for two years now.

So what's really happening? Speaking to Axios, Kolko says that wages in fact are up, and accelerating, but that it's specifically for "lower-wage jobs and for people with less education," he said.

That is not good news for white-collar workers, and the overall income picture remains flat. But in jobs in transportation, construction and mining, wages are up 3% to 4% this quarter on an annualized basis. "That's helping narrow some of the inequality gaps that widened in previous years," Kolko said.

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Texas oil regulators poised to debate historic production controls

Workers extracting oil from oil wells in the Permian Basin in Midland, Texas. Photo: Benjamin Lowy/Getty Images

Texas oil regulators are likely to hold a hearing in April on whether to take the historic step to curb the state’s oil production amid a global market collapse fueled by the coronavirus.

Driving the news: Ryan Sitton, one of three commissioners of the Texas Railroad Commission, which oversees state oil production, told Axios that a hearing will likely be held soon in response to a renewed request earlier Monday from two oil companies to limit production as one way to stem the steep slide in global oil prices.

America under lockdown

Illustration: Sarah Grillo/Axios

If you thought March felt like the longest month in American history, just wait for April and May, when people will be forced to witness spring from the indoors.

The big picture: 28 states are in or entering lockdown, with Maryland and Virginia joining those ranks today. So is D.C., as its mayor made official this afternoon. Those states include roughly 3/4 of the American people, the N.Y. Times notes.

Ford, GE aim to make 50,000 ventilators in 100 days

A Model A-E ventilator, left, and a simple test lung. The ventilator uses a design that operates on air pressure without the need for electricity, addressing the needs of most COVID-19 patients. Photo: Ford

Ford and GE Healthcare announced plans on Monday to build a simplified ventilator design licensed from a Florida medical technology company, with the goal of producing 50,000 machines by early July, and up to 30,000 a month thereafter, to fight the coronavirus.

Why it matters: The companies are moving in "Trump time" to meet demand for urgently needed ventilators, says White House Defense Production Act Coordinator Peter Navarro. But with deaths expected to peak in two weeks, the machines won't arrive in large numbers in time to help the hardest-hit cities.

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