Apr 13, 2019

"Left behind" contagion spreads to upper middle class

Photo: Kotax San/Getty Images

New data from the Federal Reserve illustrates that even upper-middle class families are tightening their belts, feeling the effects of "income stagnation" while the costs of life continue to rise, reports Bloomberg.

Details: While upper-middle class families are still doing better than middle- and lower-class families, the data shows this demographic is taking out bigger and costlier loans, per Bloomberg, with the bulk of lending going toward the cost of a home. Credit card interests are also on the rise, while incomes are staying the same, per the data. The only group unaffected is the top 10%, reports Bloomberg.

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The race to catch Nike's Vaporfly shoe before the 2020 Olympics

Illustration: Aïda Amer/Axios

Four months ago, on the very same weekend, Eliud Kipchoge became the first human to run a marathon in under two hours, and fellow Kenyan Brigid Kosgei shattered the women's marathon record.

Why it matters: Kipchoge and Kosgei were both wearing Nike's controversial Vaporfly sneakers, which many believed would be banned because of the performance boost provided by a carbon-fiber plate in the midsole that acted as a spring and saved the runner energy.

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Reassessing the global impact of the coronavirus

Illustration: Aïda Amer/Axios

Economists are rethinking projections about the broader economic consequences of the coronavirus outbreak after a surge of diagnoses and deaths outside Asia and an announcement from a top CDC official that Americans should be prepared for the virus to spread here.

What's happening: The coronavirus quickly went from an also-ran concern to the most talked-about issue at the National Association for Business Economics policy conference in Washington, D.C.

Tech can't remember what to do in a down market

Illustration: Rebecca Zisser/Axios

Wall Street's two-day-old coronavirus crash is a wakeup alarm for Silicon Valley.

The big picture: Tech has been booming for so long the industry barely remembers what a down market feels like — and most companies are ill-prepared for one.