Noah Berger / AP

In its first foray into hardware, Facebook is developing a video chat device for the home, according to Bloomberg. Facebook is also working on a smart speaker to go up against the likes of Amazon Echo and Google Home, Bloomberg says, citing unnamed sources. Both devices would run a voice assistant service also being built by Facebook.

Why it matters: These projects are coming from Facebook's experimental Building 8 lab, run by former Googler Rugina Dugan, that was created to build hardware to encourage consumers to spend more time an all-Facebook ecosystem of products, centered on the company's social core. It underscores the race between the top tech companies, including Apple and Microsoft, to control consumers' interactions not only with each other, but also with devices and voice-activated services in their daily lives.

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Trump floats executive action even if stimulus deal is reached

Photo: Samuel Corum/Getty Images

The White House is finalizing a series of executive orders addressing key coronavirus stimulus priorities if negotiations with Congress fall apart, and it's leaving the door open for President Trump to use them even if a deal is reached that doesn't encompass all of his priorities, two administration officials tell Axios.

What we’re hearing: “I wouldn't be surprised that, if something gets left off the table, we’d be like ‘we can take this executive action too and be able to win on it anyway,’” one official said.

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TikTok responds to Trump executive order: "We are shocked"

Photo: Jakub Porzycki/NurPhoto via Getty Images

TikTok said Friday that it was "shocked" by President Trump's executive order that will ban Americans from dealing with ByteDance, its China-based owner, in 45 days.

Why it matters: TikTok argued that Trump's move "risks undermining global businesses' trust in the United States' commitment to the rule of law, which has served as a magnet for investment and spurred decades of American economic growth."

U.S. economy adds 1.8 million jobs in July

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. added 1.8 million jobs last month, while the unemployment rate fell to 10.2% from 11.1% in June, the Labor Department said on Friday.

Why it matters: The labor market continued to recover but the pace of job growth slowed significantly from June’s 4.8 million job gain, suggesting a stalled improvement as coronavirus cases surged and states pulled back on reopening plans.