National

Macro

Axios Macro

Jobs report gives labor market a yellow card

Jobs report shows weaker-than-expected hiring in June

A column chart that shows monthly changes in U.S. nonfarm payrolls from June 2025 to June 2026. Payrolls ranged from minus 156,000 in February 2026 to 214,000 in March 2026. Gains turned positive in four of the final five months, ending at 57,000 in June 2026.

Change in U.S. nonfarm payrolls

Data: Bureau of Labor Statistics; Chart: Courtenay Brown/Axios

Top central bankers are eager to rewrite the playbook

The economic assumptions that broke

The Fed's independence is still on the line

Trump's Supreme Court wins hit one wall: the economy

Fed's Warsh, jobs report, and more econ data on tap this week

2 Supreme Court rulings treat the Fed as an exception

Tech Policy

Supreme Court rules Trump can fire independent agency heads, with Federal Reserve exception

Supreme Court says Trump can't fire Fed governor Lisa Cook

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