Fast-food workers, cashiers, cooks, delivery people and their supporters held a rally outside New York City Hall in 2017. Photo: Erik McGregor/Pacific Press/LightRocket via Getty Images

Having largely been left out of the U.S. recovery over the past decade, low-wage workers are starting to see their incomes rise meaningfully and are pushing for more.

Why it matters: With a tight labor market wherein the number of job openings exceeded the number of unemployed by the largest margin on record, businesses are having to make more concessions to keep low-wage workers and find new ones.

What's happening: Even though Amazon raised its minimum pay for all workers to $15 an hour last year, employees at its Shakopee, Minn., fulfillment center are planning a Prime Day work stoppage to protest productivity quotas and poor working conditions, according to CBS News.

By the numbers: After trailing higher-paid workers for years after the financial crisis, earnings for the bottom 25% of workers have been growing at a rate over 4% since July 2018, while the national average has been stuck near 3%, data from the Atlanta Fed shows.

  • Weekly earnings for the bottom 10% of full-time workers have grown even faster, far outpacing workers at the median.

What they're saying: Research analysts at Goldman Sachs see a "lack of investor concern" about rising wages, they said in a Tuesday morning note to clients. However, the bank's survey data indicates "a record level of corporate concern regarding labor costs."

  • Due to a combination of negative forces, including "tariffs, already-rising inputs costs, and weak economic activity, profit margins are unlikely to rebound in the near future," analysts said.

Reality check: Only the top 10% of U.S. households have fully recovered the wealth they lost in the financial crisis, and company earnings growth has been rising much faster than wages.

The intrigue: Interested parties, including Walmart and Amazon, are lobbying the government to raise the federal minimum wage to $15 an hour, which the CBO said in a report Monday would increase wages for 27 million Americans, but also cost 1.3 million jobs and "reduce total real (inflation-adjusted) family income in 2025 by $9 billion, or 0.1 percent."

Go deeper: A case for large wage hikes

Go deeper

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 11,662,574 — Total deaths: 539,058 — Total recoveries — 6,336,732Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 2,948,397 — Total deaths: 130,430 — Total recoveries: 924,148 — Total tested: 36,032,329Map.
  3. States: Arizona reports record 117 deaths in 24 hours.
  4. Public health: Trump administration invests $2 billion in coronavirus drugs.
  5. Business: Breaking down the PPP disclosure debacle
  6. World: Brazil's President Bolsonaro tests positive for coronavirus — India reports third-highest coronavirus case count in the world.

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Why it matters: Trump was furious when he found out recently that Mary Trump, a trained psychologist, would be publishing a tell-all memoir. And Trump's younger brother, Robert, tried and failed to block the publication of "Too Much and Never Enough: How My Family Created the World's Most Dangerous Man."

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