Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Income inequality — the stubborn curse of the current era and, many think, a key factor in the global uprising against establishment powers — appears to be on a solid, steady decline in the U.S., according to a new report.

Expand chart
Data: Indeed analysis of BLS monthly jobs data; Chart: Axios Visuals

Quick take: For more than a year, the wage gap has been closing between American workers with the least and the highest education—wages have been going up the most for workers who need it the most, according to Jed Kolko, chief economist for Indeed, the jobs website. And this year, the most chronically unemployed Americans began to return to work.

What we don't know: The trend is coming on slowly rather than hitting workers in one bang. It will take time before it's clear whether the added dollars begin to erode the deep public antipathy and distrust of the system that seem to be at least in part fueled by a loss of hope in the economy.

It's also not clear who may gain politically: President Trump is likely to claim that he is delivering on his promise to the forgotten working class during his 2016 campaign. Democrats, however, will probably note that there have been 85 months of consecutive job growth leading to today's 4.1% jobless rate, and argue that these dividends for the working class are the product mostly of President Obama's economic program.

The details: For the last year or two, economists and politicians have fretted over how to loosen up worker wages, which have been effectively stagnant since the 1970s. Flat wages have been set against the meteoric rise of a new class of billionaire plutocrats to create a picture of massive and chronic income inequality and unfairness, and that impression appeared to help elect Trump.

  • But for three consecutive years, wages have been rising the fastest for jobs with the lowest pay, Kolko tells Axios. And now the economy is specifically lifting up workers with the least education, a key social and economic dividing line—there have been five straight quarters of a shrinkage of the wage inequality gap, Kolko said, with surging wage gains for those with only a high school diploma.
  • The median wage for someone with a high school degree grew to $714 a week as of the end of September, from $700 at the same point in 2016; high-wage workers just budged up to $1,271 a week, though, from $1,266. So the gap between them narrowed to $557 from $566, almost 2%.
  • "This past year has been good news for the least-educated workers," Kolko tells Axios.

Metrics for the hard-core unemployed and lowest-paid workers — part of the core of the Trump base — have all seen significant gains.

  • Broad unemployment including those no longer searching for work and involuntarily working part time fell to 7.9% in October, from 9.2% at the beginning of the year, Kolko said.
  • And the share of the main working population that is employed — those 25 to 54 —grew to 78.8%, from 78.2%.

Those are the best numbers since 2000. In December 2000—the last time unemployment was at 4.1% — broad unemployment was at 6.9%. And the working population 25 to 54 years old was 81.4%.

That means that well over 1 million Americans still need to be drawn back into the work force.

And there are signs that the most stubborn unemployed are trying to return to work. Kolko said that searches are up at Indeed for the terms "no background check" and "felony-friendly jobs." "This suggested that people who have struggled more in the past to find jobs are encouraged by the tightening labor market to look for work," he said.

Go deeper

Texas House probes school library books dealing with race and sexuality

Photo: Brittany Murray/MediaNews Group/Long Beach Press-Telegram via Getty Images

Texas state Rep. Matt Krause (R), chair of the Texas House Committee on General Investigating, announced Wednesday that he's initiating a probe into schools' library books, according to a letter sent to the state's education agency and other superintendents.

Why it matters: The probe focuses on books that discuss race, sexuality, or "make students feel discomfort, guilt, anguish, or any other form of psychological distress because of their race or sex," Krause wrote in the letter.

5 hours ago - World

Iran agrees to resume Vienna nuclear talks in November

Ali Bagheri (R) with Enrique Mora in Tehran on Oct. 14. Photo: Iranian Foreign Ministry handout via Getty

Iran's new chief nuclear negotiator said following a meeting in Brussels on Wednesday that Iran would resume negotiations in Vienna before the end of November, with the exact date to be set next week.

Why it matters: The Vienna talks have been frozen since Iran's new hardline president, Ebrahim Raisi, was elected in June. This is the most direct commitment from Raisi's government to return to the negotiating table.

Dan Primack, author of Pro Rata
10 hours ago - Politics & Policy

Democrats' billionaires tax explained

Illustration: Aïda Amer/Axios

There is now legislative language behind the push to tax American billionaires on unrealized capital gains, as Sen. Ron Wyden last night released his 107-page plan.

Why it matters: This would be a sea change in U.S. tax policy, which has only applied to realized gains (otherwise known as income).