Jul 3, 2019

June's private sector jobs report disappoints

The private sector added 102,000 jobs in June, fewer than the 140,000 economists expected, according to the ADP national employment report released on Wednesday.

Why it matters: It's a rebound from the 27,000 added in May, but still suggests that Friday's government jobs release — which includes public sector jobs, while ADP does not —might come in soft amid concerns that the job market may be slowing.

  • "The job market continues to throttle back. Job growth has slowed sharply in recent months, as businesses have turned more cautious in their hiring," Mark Zandi, chief economist of Moody’s Analytics, which releases the report alongside ADP, said in a press release.

Go deeper: The U.S. jobs market is starting to worry economists

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The polarized pandemic election

A Trump supporter protests Pennsylvania's stay-at-home order, during a May 15 rally outside the Capitol in Harrisburg. Photo: Mark Makela/Getty Images

President Trump is going all-in on pushing for a rapid, robust return to normal life, creating a visual, visceral contrast with Joe Biden and other Democrats who are more reticent to rip the masks off.

The state of play: Business friends have been urging Trump from the beginning to keep the lockdowns short. He's listening more and more.

Go deeper (1 min. read)Arrow2 hours ago - Politics & Policy

Tech's long hot summer of antitrust

Illustration: Aïda Amer/Axios

Google, Facebook and other tech giants face a summer of regulatory grilling as long-running investigations into potential anticompetitive practices likely come to a head.

The big picture: Probes into the power of Big Tech launched by federal and state authorities are turning a year old, and observers expect action in the form of formal lawsuits and potentially damning reports — even as the companies have become a lifeline for Americans during the pandemic lockdown.

Go deeper (3 min. read)Arrow2 hours ago - Technology

Palantir CEO hits Silicon Valley "monoculture," may leave California

Palantir is "getting close" to a decision on whether to move the company out of California, CEO Alex Karp said in an interview for "Axios on HBO."

The state of play: "We haven't picked a place yet, but it's going to be closer to the East Coast than the West Coast. ... If I had to guess, I would guess something like Colorado."

Go deeper (1 min. read)Arrow2 hours ago - Economy & Business