Jan 26, 2018

Trump makes the business case for America in Davos speech

Photo: Fabrice Coffrini / AFP via Getty Images

President Trump made his America-first pitch at the World Economic Forum in Davos today, touting the strength of the U.S. economy, telling the other world powers: "There has never been a better time to hire, to build, to invest and to grow in the United States."

Why it matters: Trump used the speech to reaffirm America as the leader in the global economy, but kept with his administration's motto in assuring the other countries that "America First does not mean America alone."

Key quotes:

  • "American is the place to do business ... when the U.S. grows, so does the world."
  • "We will enforce our trade laws and restore integrity to the trading system. Only by insisting on fair and reciprocal trade can we create a system that works not just for the United States but for all nations."
  • "The U.S. is prepared to to negotiate bilateral agreements ... this includes the countries in TPP, we would consider renegotiating with the rest, either individually or perhaps as a group, if it is in the interest of all."
  • "To be successful, it is not enough to invest in our economy, we must invest in our people. When people are forgotten, the world becomes fractured. Only by hearing and responding to the voices of the forgotten can we create a bright future that is truly shared by all."

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.