Donald Trump. Photo: Nicholas KammAFP/Getty Images.

After speaking at a rally in Elko, Nevada, President Trump told reporters that he will pull the United States out of the Intermediate-Range Nuclear Forces Treaty with Russia that was created by the Reagan administration in 1986.

The details: "We're the ones that have stayed in the agreement, and we've honored the agreement, but Russia has not, unfortunately, honored the agreement, so we're going to terminate the agreement," he said. The Trump administration has been planning to pull out, citing Moscow has been violating it since 2014, per The New York Times. The decision to leave is reportedly motivated by the U.S.' ability to counter a Chinese arms buildup in the Pacific.

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U.S. economy added 4.8 million jobs in June

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 4.8 million jobs last month, while the unemployment rate dropped to 11.1% from 13.3% in May, according to government data released Thursday.

The state of play: While the labor market showed more signs of recovery when the government’s survey period ended in early June, the lag means that more recent developments, like the surge in coronavirus cases and resultant closures in some states, aren't captured in this data.

1.4 million Americans filed for unemployment last week

Photo: Wang Ying/Xinhua via Getty Images

Another 1.4 million Americans filed for unemployment last week, the Department of Labor announced Thursday.

Why it matters: New applications for unemployment remain historically high, suggesting layoffs are still widely prevalent. However, they remain well below the all-time record seen when the coronavirus pandemic first hit.

The crushing budget blow awaiting state and local government workers

Illustration: Eniola Odetunde/Axios

State and local government jobs are being gutted, even as the labor market shows signs of a slight recovery.

Why it matters: The coronavirus pandemic blew a hole in state and local government budgets. A slew of states cut spending and jobs — with more planned layoffs announced this week as states try to balance budgets.