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Illustration: Annelise Capossela/Axios

The June jobs report was strong, but not so strong that it stoked fears that the Federal Reserve would scale back on its supportive monetary policies sooner than expected. This sentiment was reflected in the stock market, where the S&P 500 closed at a record high after the news.

Why it matters: The U.S. economy continues to recover as hundreds of thousands of Americans return to work.

  • However, signs of an overheating economy — in which the unemployment rate is plunging and wages are surging — would force the Fed to be more hawkish and pull its support from the financial markets.

By the numbers: U.S. employers added 850,000 jobs in June, which was better than expected.

  • Average hourly earnings were up a robust 3.6% from a year ago.

Yes, but: The unemployment rate climbed to 5.9% from 5.8% in May.

  • This was largely because of 151,000 Americans entering the labor force during the month.

"I expect no changes out of Fed policy from this report," Federated Hermes’ chief equity strategist Phil Orlando tells Axios.

The bottom line: We will continue to see anecdotes and intermittent reports of jumps in jobs and pay. But employment continues to be 6.7 million jobs short of pre-pandemic levels.

  • And as long as those folks continue to reenter the labor force, the Fed will continue to support markets with loose monetary policy.

Go deeper: The job market's retirement wildcard

Go deeper

Almost 15% of high-paying job listings are now remote

Reproduced from Ladders Inc.; Note: Data includes jobs with annual salaries of $80,000 or more; Chart: Axios Visuals

More and more jobs that can be done from your bedroom are showing up on the high-paying end of the help-wanted spectrum, according to research by Ladders Inc., a job search site.

Why it matters: There's the potential for greater work-life balance for executives and others in the high-earning realm — and there's more hope of the same for people who aspire to that echelon.

Unruly customers threaten economic recovery

Illustration: Annelise Capossela/Axios

The pace of the economic recovery hinges in part on workers returning to jobs that involve dealing with an unpredictable public. But many of those workers say increasingly combative customers — angry about everything from long wait times to mask mandates — have prompted them to quit.

The big picture: Aggressive and violent clashes between customers and service workers over COVID safety protocols over the past nearly two years have led to prison sentences, fines and deaths.

Biden challenges GOP agenda: "What are Republicans for?"

President Biden pushed back against Republican efforts to obstruct his agenda during a press conference Wednesday, asking "What are Republicans for?"

Why it matters: Biden's speech comes as he approaches one year in office, facing low polling numbers and a stalled agenda.