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

Updated 22 mins ago - Politics & Policy

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  1. Global: Total confirmed cases as of 1 a.m. ET: 31,245,797 — Total deaths: 963,693— Total recoveries: 21,394,593Map.
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  5. Politics: House Democrats file legislation to fund government through Dec. 11.
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Tropical Storm Beta slowly approaching the Texas coast on Monday. Photo: National Weather Service/Twitter

Tropical Storm Beta crossed the Texas coast near the southern end of the Matagorda Peninsula late Monday, the National Hurricane Center said, bringing with it the risk of "life-threatening storm surge" and flooding to parts of Texas and Louisiana.

What's happening: Texas Gov. Greg Abbott (R) made a disaster declaration and Louisiana Gov. John Bel Edwards (D) declared a state of emergency, as the states began feeling the impact of the slow-moving storm — which was causing coastal flooding along the bays near Houston and Galveston in Texas, and the Gulf of Mexico Monday, per the National Weather Service.

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A demonstrator holds up a sign of Breonna Taylor during a protest in Louisville, Kentucky. Photo: Brandon Bell/Getty Images

The Louisville police chief declared in a memo obtained by news outlets a "state of emergency" for the department on Monday to prepare for Kentucky Attorney General Daniel Cameron's expected announcement on the Breonna Taylor case.

Of note: Louisville has witnessed more than 115 days of protests over the police killing of Taylor, an unarmed Black woman, with calls for all the officers involved to be charged.

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