Axios

The U.S. economy added 222,000 jobs in June, while the unemployment rate rose slightly to 4.4%, as more Americans joined the labor force, the Bureau of Labor Statistics announced Friday. Economists were expecting 178,000 jobs and an unemployment rate of 4.3%.

The sectors adding the most jobs include health care and food services. Retail, which has been shedding jobs of late, added a modest 8,000 new jobs, while the mining-support sector added 7,000 new jobs.

Why it matters: The report will cause consternation at the Federal Reserve, as it showed little acceleration in wage growth. As University of Michigan economist Justin Wolfers puts it:

Without rising worker pay, there's little reason to expect the Fed will aggressively raise interest rates to beat back inflation. At the same time, some Fed members are worried that keeping interest rates unusually low is causing investors to take on too much risk.

Tesla will complete production of its very first Model 3 vehicle today. It won't be the only mass-market, all-electric, 200-mile sedan on the market — GM grabbed first-mover status in December, when it began selling its 238-mile Chevy Bolt. But the Model 3 will nonetheless be singular: Not only will the car be sleek and desirably cool, but it will be equipped with self-driving hardware — one more perk that has motivated 400,000 people to put down $1,000 apiece to reserve one.

All of which is to say that, of the dozens of electrics to reach the global market in the coming five or so years, the Model 3 probably stands the best chance of popularizing a new mass-market electric car age. Rappers are penning verses about no other electric.