Jun 6, 2019

Trump signs $19.1 billion disaster bill after stalemate in Congress

Photo: Jeff J. Mitchell - WPA Pool /Getty Images

The long-awaited $19.1 billion bill for regions struggling to recover from recent natural disasters was signed by President Trump on Thursday after several delays caused by congressional debates.

The backdrop: The bill was hotly contested in both legislative chambers as lawmakers considered provisions ranging from Puerto Rico funding to immigration. The Senate finally reached a conclusion on the measure last month, while the House matched agreed on the proposal this week.

"Just signed Disaster Aid Bill to help Americans who have been hit by recent catastrophic storms. So important for our GREAT American farmers and ranchers. Help for GA, FL, IA, NE, NC, and CA. Puerto Rico should love President Trump. Without me, they would have been shut out! "
— President Trump wrote in a tweet

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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.