In New York, in May. Photo: Drew Angerer/Getty Images

U.S. workers saw their largest year-on-year wage increase in a decade, but it was still too small — and inflation too high — to signal a clear break from the long period of income stagnation.

What's happening: For almost a decade, weak wage growth has defied the economic recovery and has bedeviled workers. But wages and salaries grew 3.1% year-over-year in the third quarter. That was larger than the 2.5% increase in inflation, but still not a lot, economists say.

  • "Real wage growth is almost nil during the last year," says Laurence Ales, an economics professor at the Tepper School of Business at Carnegie Mellon University. "The Federal Reserve forecasts a stable outlook for inflation at about 2%. Hence, the real wage gain will remain subdued in the near future."

The bottom line: "A few good quarters doesn’t make up for years of stagnation," Jared Bernstein, former chief economist to Joe Biden and now a fellow at the Center on Budget and Policy Priorities, tells Axios. "What’s remarkable is how long it takes in contemporary economic expansions before people who depend on paychecks vs. portfolios catch a break."

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New York City schools will not fully reopen in fall

Photo: Spencer Platt/Getty Images

New York City Mayor Bill de Blasio announced at a press conference on Wednesday that schools will not fully reopen in fall, and will instead adopt a hybrid model that will limit in-person attendance to just one to three days a week.

Why it matters: New York City, once the epicenter of the coronavirus outbreak in the United States, is home to the nation's largest public school district — totaling 1,800 schools and 1.1 million students, according to the New York Times. The partial reopening plan could prevent hundreds of thousands of parents from fully returning to work.

Treasury blames lenders for PPP disclosure debacle

Illustration: Aïda Amer/Axios

The U.S. Treasury Department is pointing the finger at lenders for errors discovered in Monday's PPP data disclosure.

What they're saying: "Companies listed had their PPP applications entered into SBA’s Electronic Transmission (ETran) system by an approved PPP lender. If a lender did not cancel the loan in the ETran system, the loan is listed," a senior administration official said.

Updated 46 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 11,863,477 — Total deaths: 544,949 — Total recoveries — 6,483,402Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 2,996,679 — Total deaths: 131,486 — Total recoveries: 936,476 — Total tested: 36,878,106Map.
  3. Public health: Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: How the pandemic changed mobility habits, by state.
  5. Education: Harvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.