In a morning tweet, President Trump highlighted a "phenomenon that nobody even thought of" regarding the GOP's just-passed tax bill: wage hikes and holiday bonuses by companies like AT&T and Wells Fargo.
But someone did think of it: WaPo predicted that companies might time wage hike announcements around the tax bill's passage in order to gain favor with Trump.
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.
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 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.