Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added a meager 235,000 jobs in August, while the unemployment rate fell from 5.4% to 5.2%, the government said Friday.

Why it matters: It's the first jobs report to factor in the extent of the COVID-19 surge driven by the Delta variant — showing a massive slowdown in the recovery after July's blockbuster jobs report. Economists had expected 725,000 jobs to be added.

The big picture: The pandemic is far from over, and it's still hobbling the American economic recovery. This weak report will dissuade the Federal Reserve from pulling back on the amount of cash it's injecting into the economy every month.

By the numbers: June saw 962,000 new jobs added, and July did even better with 1.05 million. In August, however, the pace of change slowed dramatically, with a gain of just 235,000 jobs — and none at all in the leisure and hospitality industries.

  • The other side: Wage growth was very strong, with earnings rising 0.6% in a single month, or 4.3% on a year-over-year basis. The unemployment rate also continued to decline, hitting a new pandemic-era low of 5.2%.

Between the lines: Each successive wave of COVID-19 does less harm to the economy than the one before.

  • As Harvard's Jason Furman points out, the first wave of the pandemic had a lower death toll than we're seeing right now, but caused some 22 million job losses.
  • This time around, we're still adding jobs, albeit at a slower rate than a month or two ago.

What they're saying: "The most telling number" in the report is the number of people who don't have a job but want one, tweets Michigan economist Betsey Stevenson. That declined sharply, from 6.5 million in July to just 5.7 million in August.

  • In other words: While Delta rages, a lot of Americans have no desire to go out to work.

The bottom line: The recovery won't get back on track until the Delta surge subsides.

Go deeper

Updated Sep 17, 2021 - Axios Events

Watch: A conversation on powering up clean energy jobs

On Friday, September 17, Axios Climate & Energy reporter Andrew Freedman and Energy reporter Ben Geman hosted a virtual conversation on what building a fair economy with quality clean energy jobs could look like, featuring The Honorable Sen. Alex Padilla (D-Calif.) and BlueGreen Alliance executive director Jason Walsh.

Sen. Alex Padilla explained how the infrastructure bill puts forth investments toward the environment, the urgency of acting on climate change at a legislative level, and how recent climate emergencies have underscored that urgency. 

  • In response to questions about climate investments in the infrastructure bill: “We need to act with urgency, we need to act boldly, that’s half the equation. It’s okay to have questions on what the price tag is, but of equal importance is knowing that we’re doing this in a fiscally responsible way.” 
  • On garnering necessary bipartisan support for the infrastructure bill to pass: “I do believe we’re going to get to yes at the end of the day, and that end of the day is going to be in the weeks ahead, not the months ahead, because of the urgency that I just laid out.” 

Jason Walsh highlighted the important intersection between climate action and clean energy jobs, the challenges of creating high-quality jobs in the power sector, and how budget reconciliation would help to meet clean energy job goals. 

  • On addressing crises relating to job creation, economic and racial inequality, and the climate emergency: “We have the ability with budget reconciliation to advance solutions to these crises that are as mutually reinforcing and intersecting as their causes. We feel like we can’t afford not to take advantage of this opportunity.”
  • On why budget reconciliation must address the lack of high-quality clean energy jobs: “Not enough of the clean energy jobs that have been created are high quality and union. They have not been created at scale in some of the communities and parts of the country that need them the most, and the lived experience of workers dislocated from incumbent industries, coal mining and power plants, doesn’t meet any reasonable standard of fairness and justice.”

Thank you Bank of America for sponsoring this event.

DOJ sues American Airlines, JetBlue to block "unprecedented" alliance

Photo: Andrew Harrer/Bloomberg via Getty Images

The Justice Department on Tuesday sued American Airlines and JetBlue to block an "unprecedented series of agreements" that will consolidate the two airlines' operations in Boston and New York City.

Why it matters: The civil antitrust complaint alleges that the planned Northeast Alliance (NEA) "will cause hundreds of millions of dollars in harm to air passengers across the country through higher fares and reduced choice," the DOJ said in a release.

FBI: Body identified as Gabby Petito, death ruled a homicide

A memorial dedicated to Gabby Petito near City Hall in North Port, Fla. Photo: Octavio Jones/Getty Images

A body found in Teton County, Wyoming, on Sunday was confirmed to be the remains of missing 22-year-old blogger Gabby Petito, the FBI announced Tuesday.

Driving the news: The death was ruled a homicide by the Teton County coroner's office, the FBI said. The cause of death has not been determined.