Photo: Joe Raedle / Getty Images

Total employee compensation in the U.S. rose in the fourth quarter of last year and marked the highest year-over-year gain since 2008, Bloomberg reports. Private-sector wages and salaries also rose 2.8% in Q4, continuing the upward trend.

Why it matters: "The latest year-over-year increase in compensation indicates employers are making more generous offers as they compete for workers in the tightening labor market," Bloomberg's Sho Chandra writes.

The backdrop: U.S. businesses hired at a solid pace in January, AP reports, thanks to gains in service firms like hotels, restaurants, retail, education, and health businesses. Meanwhile, the unemployment rate has remained at 4.1% over the last three months.

Go deeper

Ina Fried, author of Login
9 mins ago - Technology

Candidates go online to cut through debate noise

Photo: Saul Loeb/AFP via Getty Images

While President Trump and Joe Biden fought to be heard in a rowdy debate Tuesday, both campaigns sought to draw digital battle lines and occupy online turf they could have all to themselves.

The big picture: Trump's impulsive Twitter style made a shambles of the debate format, but online the candidates were able to find niches where they couldn't be interrupted — and could motivate their supporters to donate, organize and turn out to vote.

Ben Geman, author of Generate
54 mins ago - Energy & Environment

Shell plans up to 9,000 job cuts by 2022

A Shell station in Brazil. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Royal Dutch Shell will shed up to 9,000 jobs as it undergoes a long-term restructuring around climate-friendly energy sources and continues to grapple with the coronavirus pandemic that has battered the oil industry.

Why it matters: The cuts could amount to over 10% of the company's global workforce, which was 83,000 at the end of 2019.

Caitlin Owens, author of Vitals
1 hour ago - Health

The coronavirus' alarming impact on the body

Illustration: Eniola Odetunde/Axios

Scientists are racing to learn more about the damage the novel coronavirus can do to the heart, lungs and brain.

Why it matters: It’s becoming increasingly clear that some patients struggle with its health consequences — and costs — far longer than a few weeks.

Get Axios AM in your inbox

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

Please enter a valid email.

Subscription failed
Thank you for subscribing!