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The U.S. economy added 209,000 jobs in July, while the unemployment rate fell slightly to 4.3%. Economists were expecting 180,000 new jobs and an unemployment rate of 4.3%. Three takeaways:

  • Job growth for the first seven months of 2017 has averaged 167,000, slightly below the 2016 trend at this point last year of 184,00. Still, "employment growth remains strong enough to keep the unemployment trending down," 'High Frequency Economist' Jim O'Sullivan writes in a note to clients.
  • Wage growth grew slightly, but according to University of Michigan's Justin Wolfers, "not enough to generate any threat to the Fed's inflation target." The Fed will likely take this report as a cue to refrain from interest rate hikes.
  • The share of the unemployed who have been jobless for 27 weeks of more rose for the second straight month. The share of working-age Americans in the labor force was flat, suggesting the current healthy clip of jobs growth is not benefitting those at the labor market's outer edges.

Go deeper

30 mins ago - Technology

Facebook Oversight Board overturns 4 of its 5 first cases

Illustration: Aïda Amer/Axios

Facebook's independent Oversight Board published its first set of decisions Thursday, overturning 4 of the 5 cases it chose to review out of 20,000 cases submitted.

Why it matters: The decision to go against Facebook's conclusions in 4 out of 5 instances gives legitimacy to the Board, which is funded via a $130 million grant from Facebook.

New York AG: State severely undercounted COVID nursing home deaths

Gov. Andrew Cuomo. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

Data from New York's public health department undercounted COVID-19-related deaths in nursing homes by as much as 50%, according to a report released Thursday by state Attorney General Letitia James.

The big picture: Gov. Andrew Cuomo's administration did not include nursing home patients who died after being transferred to the hospital in its tally of over 8,500 nursing home deaths, according to the report. Data provided to the attorney general's office from 62 nursing homes "shows a significantly higher number of resident COVID-19 deaths can be identified than is reflected" in the official count.

Trading platforms curb trading on high-flying Reddit stocks

Major trading platforms including Robinhood, TDAmeritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

Why it matters: It limits access to the traders that have contributed to the wild Reddit-driven activity of the past few days — a phenomenon that has gripped Wall Street and the country.