Axios

America's start-of-school season stretches nearly two months.

Why it matters: Gone are the days of a shared "back-to-school" moment. U.S. schools reopen on schedules that stretch from mid-July to mid-September, depending on where they are.

More premium car buyers are trading down to mainstream brands, where they've discovered they can get a lot of the same technology, comfort and features at a substantially lower price, according to new JD Power research.

Why it matters: It's more bad news for luxury car manufacturers that have been clobbered in recent years by Tesla and now Chinese competitors — and another reflection of how affordability issues are upending the U.S. car market.

The Trump administration has launched a new effort to remove Federal Reserve Gov. Lisa Cook, notifying her that President Trump is considering her removal and giving her 21 days to respond to mortgage fraud allegations in a letter obtained by Axios.

Why it matters: The Supreme Court this year blocked Trump's first attempt to remove Cook, finding that the Fed official was not given notice or a chance to respond.

The Senate passed a sweeping Russia sanctions bill Friday in an 86-11 vote.

Why it matters: The legislation would impose new sanctions on Russia, renew Iran sanctions and hand President Trump fresh authority to slap tariffs on major buyers of Russian oil.

America's labor market appeared to be gaining momentum this spring. The latest data makes that rebound look much less convincing.

Why it matters: The report isn't as bad as the headline suggests, but the broader picture is still one of a labor market that is less robust than it seemed.

• If the trend continues, U.S. workers might find themselves squeezed on two fronts — a weakening job market and high inflation from an uncertain geopolitical conflict cutting into paychecks and household budgets.

Nielsen has agreed to buy DoubleVerify, a digital media measurement firm, for around $2.15 billion, or $13.60 per share.

Why it matters: This highlights a recent trend of media measurement firms going (or staying) private, which could accelerate as AI continues to pressure software valuations.

America's employers unexpectedly shed 23,000 jobs in July, while the unemployment rate ticked down to 4.1%, the government said on Friday.

Why it matters: The report shows the first job decline since February alongside steep downward revisions to previous months' data — hinting at bigger cracks in the labor market than previously known.

Early warning signs are flashing in the private credit world.

Why it matters: The worries around private credit — loans made by non-banks typically to mid-size businesses — seem to have fallen off the front pages, but distress is building in this opaque market.

Read the polls, watch economic indicators and talk to President Trump's inner circle in private, and the verdict on his second term seems clear:

• Even some longtime insiders fear he's trapped by a war he shouldn't have waged, tariffs he shouldn't have levied, monuments he shouldn't be obsessed with.

Why it matters: These three topics chew up much of Trump's time and attention. All three are widely unpopular in polls.