The U.S. economy added 156,000 jobs in December while the unemployment rate edged up slightly to 4.7%.

Our quick take: While the headline numbers were slightly below expectations of 175,000 new jobs, the most important metric in the report is the rise in average hourly earnings. Hourly pay rose by 10 cents per hour, good enough to bring the increase in hourly earnings to 2.9% for the year, a significant increase over 2015's 2.3%.

Labor markers continue to tighten and higher wages will mean higher prices. The Federal Reserve will be looking closely at these numbers as it decides how quickly to raise interest rates in 2017.

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Updated 8 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging. Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. Education: The dangerous instability of school re-openings.
  4. World: Australian city to exit one of world's longest lockdowns — In photos: Coronavirus restrictions grow across Europe
  5. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure
  6. Nonprofit: Rockefeller Foundation commits $1 billion for COVID-19 recovery
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Bond investors see brighter days

Illustration: Sarah Grillo/Axios

U.S. government bonds could breakout further after yields on the benchmark 10-year Treasury note ticked up to their highest since early June last week.

But, but, but: Strategists say this move is about an improving outlook for economic growth rather than just inflation.

Erica Pandey, author of @Work
4 hours ago - Economy & Business

The dangerous instability of school re-openings

Illustration: Eniola Odetunde/Axios

Schools across the country have flip-flopped between in-person and remote learning — and that instability is taking a toll on students' ability to learn and their mental health.

The big picture: While companies were able to set long timelines for their return, schools — under immense political and social strain — had to rush to figure out how to reopen. The cobbled-together approach has hurt students, parents and teachers alike.