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Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

July's Job Openings and Labor Turnover Summary showed that while U.S. employers did more hiring than in any month in history and job openings increased to 6.6 million, the labor market is still struggling.

What's happening: There were 708,000 more hires than separations, a strong number but more than a million below the nonfarm payrolls estimate of 1.73 million jobs added for the month. It was, however, less than the more than 2 million job differential seen in June.

What we're hearing: "You’re seeing a rebound that's been stronger than anything we’ve seen historically but we’ve never been trying to dig out of a hole quite this deep," Stephen Bronars, a labor economist and partner at Edgeworth Economics, tells Axios.

  • "Rather than looking at year-over-year comparisons, you have to look at how many jobs have been lost and how many of those have come back."

By the numbers: Nearly 21.5 million Americans lost their jobs in March and April and only around half of those jobs have returned.

Go deeper

NBA contracts reign supreme with Giannis Antetokounmpo's megadeal

Expand chart
Data: Spotrac; Chart: Andrew Witherspoon/Axios

Giannis Antetokounmpo has signed a five-year, $228.2 million extension to continue playing for the Milwaukee Bucks — the largest contract in NBA history by both total and average annual value.

Why it matters: Teams have been positioning themselves for a run at Antetokounmpo for months amid rumblings that the Greek superstar, a year from free agency, might test the market next summer.

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Investors increase their exuberance

Illustration: Eniola Odetunde/Axios

U.S. stocks jumped across the board on Monday and the S&P 500 had its best day since June 5, as the bulls stepped in and bought the dips in stock prices following last week's minor selloff.

Why it matters: While some have worried rising U.S. interest rates would dampen investor exuberance over the expected pickup in economic growth thanks to increasing vaccine numbers and big fiscal spending hopes, Monday showed investors still like risk assets. A lot.

3 hours ago - World

China and Russia vaccinate the world — for now

Illustration: Aïda Amer/Axios

While the U.S. and Europe focus on vaccinating their own populations, China and Russia are sending millions of COVID-19 vaccine doses to countries around the world.

Why it matters: China's double success in controlling its domestic outbreak and producing several viable vaccines has allowed it to focus on providing doses abroad — an effort that could help to save lives across several continents.