Jul 17, 2018

Tom Steyer takes on Trump-Putin meeting

Billionaire Democratic activist Tom Steyer isn't running for office (yet), but he's out with another impeachment ad focused on President Trump's relationship with Vladimir Putin.

  • Shot ... The ad, "Played," was released on Sunday, the day before Trump's unprecedented press conference where he declined to side with U.S. intelligence agencies against Putin.
  • Chaser ... "Donald Trump praises Vladimir Putin and meets with him on foreign soil," Steyer says in the ad, "while rejecting our own law enforcement who say Putin launched a hostile attack on our last election, and is planning to do it again this year.”

Watch the full ad.

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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.