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Expand chart
Under the graphic paste -> Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 164,000 jobs in July — right in line with economists' expectations of 165,000 jobs— the Labor Department said on Friday, while the unemployment rate held steady at 3.7%.

Why it matters: The labor market is still the standout of the record long economic expansion, although cracks are beginning to show. The pace of job growth is slowing down, as the government revised its previous predictions to show that the market had added 41,000 fewer jobs than initially estimated over the last two months.

Details:

  • Wages grew at an annualized pace of 3.2% in July — a slightly higher pace than the 3.1% in June — but still were sluggish compared to the pick-up earlier in this economic cycle and in previous cycles. This is an odd dynamic, considering how low the unemployment rate is.
  • Job gains were most pronounced in July for the health care, financial and technology sectors.
  • The manufacturing sector added 16,000 jobs last month— the second straight month of solid gains after a bout of weak hiring. But, as Marketwatch notes, employers are cutting back on hours: the manufacturing workweeks in July was the shortest in 8 years.

What's next: The state of the jobs market is solid but cooling, and a heightened trade war might not help. The Fed, though, has signaled that it's closely watching the trade dynamics and ratcheted up tensions could be enough of a catalyst for another rate cut.

Go deeper: The forever trade war

Go deeper

2 mins ago - Technology

QAnon faces the music

Illustration: Eniola Odetunde/Axios

Supporters of former President Donald Trump who thought he was about to stop the inauguration, seize power and crush his enemies were left blinking in the sunlight Wednesday as President Biden took the oath of office.

Why it matters: It's an inflection point for anyone who realizes they've been strung along by QAnon and related strands of pro-Trump magical thinking. They could either retreat from conspiracy theories or tumble deeper down the rabbit hole.

Updated 23 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden has arrived at the White House and he will sign executive orders and other presidential actions.

51 mins ago - Podcasts

Podcast: After the Biden inaugural

Joe Biden was sworn in today as America's 46th president in an inauguration unlike any other in modern history.

Axios Re:Cap goes deeper into the speech, the atmosphere and what it all tells us about the incoming administration, with Axios political reporters Hans Nichols and Alexi McCammond.

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